which do i want to do at the end of the day to be most successful with this property when transferring it into the LLC?

3) Why hasn't the trust been funded (transferred into) with the TX property?

I received a tax lien one year, even though I was transferred to Illinois for that year.  

Does anyone know whether or not there are tax implications if a family member quit claims a piece of land into my name.  I would not be paying anything for the property they would be giving it to me for nothing.  They...

B of A has to sign and record it before title can be transferred to us, then to our buyer.  

I am confident I can get at MINIMUM $650 for the side that I'm not occupying, perhaps even more if I were to rent out the two car garage. 

I sold a property that I had owned for 2 years on August 7th and utilized a 1031 exchange transferring the funds into escrow with a qualified intermediary.  

At some point down the road after you and your brother-in-law are RE moguls, you'll want to make sure your assets are under some sort of corporate veil to protect your personal assets from a law suit.Depending on the state, if you do not purchase the property will an LLC, you could be charged transfer and recordation taxes again when you transfer the real property to your LLC or S-Copr, C-Corp, whatever.

I am willing to do whatever I can to help asking nothing, except knowledge transfer :-), in return.

The security deposit that was transferred to you upon purchase of the property is still for you to use for unpaid utility bills, damages, etc.