Agreed - plus two additional thoughts:1) I always recommend having your CPA also review the drafted operating agreement for the tax issues. 

And, factor in the depreciation and other tax benefits, deductions, home office, vehicle expenses, etc. 

AssetsAsk yourself: Do I want cash that depreciates with inflation and taxes, or do I want to build wealth?

Are they going to start paying down that credit card debt, turn over a new leaf, and avoid bankruptcy for the next decade? 

If you've not read Debt Cleanse, you should.

However, deeds in lieu of foreclosure can be subject to judicial attack by their grantors and their grantors' creditors.Grounds for attacks on deeds in lieu of foreclosure include the following:• That the deed was an equitable mortgage - that the parties intended the deed to be given as security for a debt and that the deed was not an absolute conveyance.• That the deed is either a preferential or fraudulent transaction within the purview of the provisions of the federal Bankruptcy Act or any other related state law.• That the deed is a device to clog a mortgagor's right of redemption.• Unfairness of the consideration.• Coercion, fraud, oppression, duress, and undue influence.• That the deed is not subsequent to the execution of the mortgage but contemporaneous with it.• That the grantor/mortgagor was insolvent at the time of the execution of the deed.An estoppel affidavit (executed and acknowledged by the grantor/mortgagor, attesting to the fairness of the transaction, the consideration exchanged, the value of the property, and other factors showing an intention to make a genuine transfer) or a recital (inserted directly in the deed) are supporting documents used to forestall challenges to these transactions.State law and local title standards must be consulted in regard to the consideration and treatment of deeds in lieu of foreclosure.What a GREAT post!   

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Is there debt on the property or are you doing all cash?

To that end I just paid off yesterday my last legacy bank debt took me 12 years but its done an gone now. 

The absolute best way to avoid taxes is not earn income.