I would also add in some counties, moving the LLC from your personal name into the LLC can be considered a taxable event, you would need to see what the specifics are for where the properties are located.

Why is it not equally as common sense about a complicated legal process involving hundreds of thousands of dollars, layers of regulatory over-sight from Federal, state, county and local. 

Usually, there is no taxable event if the LLC owners are the same as the current property owner.

I know the interest they get is taxable I would probably have to set up a LLC with them being equal partners.

If there are excess funds after paying the local/school real estate tax bill, the remainder can go to:Current real estate taxesCurrent Muncipal liens for water/sewer or any other bill initiated by the municipalityState Liens, usually for outstanding state taxes, sometimes employee/employer taxesPA State Inheritance Tax which applies to all deceased owners and starts at dollar one with no exemptions, unlike the Federal Estate Tax. 

In my jurisdiction, they will adjust your taxable value the day you close, and if it has been a while since this deal closed, often times the taxable value that seller is paying on has not kept up with market values.  

In short, if I invest $100k on a new property for long term rental, I want to make sure that I can position the $100k fully as a business loss in 2024 reducing  my total taxable income by $100k. 

Legal Knowledge: Understanding local, state, and federal laws is essential.

However, you can only get a federal tax deduction for the state and local taxes you pay on real estate that you own, such as your main home, a vacation home or bare land.

Federal Debt: Rose 39% during Trump, 25% during Biden.