Some townships will require certain items, like an escape window if below grade or a walkout to be installed.

Another struggle i have with STR is replacing small items continually which ties back to pricing.

We understand that not every negative item we dispute will come off.We persist until we succeed because you must have a high-level of doggedness as a real estate entrepreneur.We understand there will be sunk costs and time being wasted.

Improper reporting of big items such as mortgage interest. 

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

I think you will definitely want to talk to your lawyer because there may be items linked to this transaction you are not considering. 

By making partial dispositions, you can also avoid subsequent recapture on these items when you go to sell.

Regarding next steps, I agree that the best way to approach this would be to have one person act as boots on the ground and the other person handle the back office related items.

I would highly encourage paying a GC to walk deals out the gate, have them give a scope of work so you can see what items costs.

Roads, water, sewer, gas, electric, etc..I'm also here for any discussion on any other items that might be of note, trying to learn as much as possible on this front.