I'm trying to help you be comfortable with what you buy BEFORE you pull the trigger.

I know his cost basis in the property is likely very very low, so selling would trigger significant capital gains and depreciation recapture. 

Noooo you triggered the keyword alerts.

We've always been interested in investment properties and have been following BiggerPockets for many years now but never pulled the trigger.

I commend you for pulling the trigger based on having just enough experience, and not over analyzing. 

That conversion will not trigger any tax.Unfortunately we can no longer eliminate all of the tax simply by converting to a new primary and living there. 

Operating through an LLC can certainly provide some protection, but many mortgage companies include a "due on sale" clause in their contracts, which means transferring the property could technically trigger the need to pay off the mortgage. 

You will need to clearly set forth the circumstances that allow or trigger the transition of a new trustee.

Just finished my major in Business Management and am receiving my Management and Supervision certificate this summer.I've been studying real estate for a few years now, have watched tons of videos, calculated and ran numbers on numerous properties and listings, and talked with many lenders and real estate agents, but because I don't have anyone in my circle that's well-experienced in REI's I've hesitated to pull the trigger on anything.I'm looking to fix and flip, BRRR, LTR, MTR, STR, or multi-family.

They are not aggressive dogs at all (border collie mix and long hair chihuahua).