I wouldn't do anything on "her land",only if I owned it outright.She is obviously doing nothing with it and can't afford it so,she needs to sell it to you if she wants the taxes paid in full.Come up with some firm building plans and the financing to pay for it and then go to her and offer her a percentage of the profits till she dies in exchange for ownership now.With 25 acres,I would be building nice apartment buildings for that area and charging market rent.Dump the ball fields and other garbage and start with a full clean slate.

Knowledge of ownership has nothing to do with the corporate veil.My suggestion is that if you are under contract and closing soon, then I recommend you just close under your own name and get insurance.  

Filter by age (over 60), 10yr plus length of ownership, and equity.

If the New LLC is just the managment of the first cabin, then draw up an agreement between you (personally) and the LLC to have the LLC manage the property and then the LLC is the "landlord" and you are the owner, no need to move ownership or existing money.Two other points: -This will not save you from personal liability from anything that happens in the first cabin, keep your good insurance in place.

Subject to is irrelevant in this case because that loan gets paid off when ownership changes.A more common subject to wholesale deal might involve a property worth $100K with a $90K loan.

@Chris Simmons Correct when flipping in your own name you are taxed at ordinary income rates based on your bracket for ownership of less than 1 year...however that's still called a short term capital gain.

@Rick Weese I am not talking about lease option but actual seller financing were you are taking taking ownership of the deal and the seller acts as the lenders.

I just made up the numbers in the example - the question is less about the worthiness of the investment and more the mechanics of achieving the ownership split.

One that was held as a rental for about a 3 years prior and one that was acquired and sold after a year of ownership. 

-House never changed ownership to an estate (as far as I am aware), and tax collector/assessor where not aware of the death for all of 2016-House comes up for trustee sale on 1/2017, and I do my due diligence, and see that property taxes have been paid.