This includes mortgage payments, property taxes, insurance, maintenance costs, and property management fees.

Foreigner investors can either pay a flat tax of 30% of their gross rental income or elect to file an annual US tax return and reduce their taxes by claiming deductions relating to ownership and managing the property.

Essentially, people could donate money and get tax deductions and then that money could be pooled to buy property, fix it, rent it and pay a manager.I’m assuming it would be similar to a self invested Ira.

As far as your tax questions, I would personally refer you back to your tax advisor or refer you one if you need it.

Had I listened to their advice, I'd be in a much lower tax bracket and have a much lower net worth. 

You may lose your tax benefits by transferring into the LLC, and have to pay capital gains tax on any gains you have...talk with a CPA about this.

It may be the best option but there are quite a few other strategies as well that could help lower your tax burden when you move on from this current property.

Rent payments were being made prior.

Assuming you have owned the property for less than 12 months the real number for cash in the bank will not be $50K because of the taxes you'll pay from Short Term Capital Gains. 

We are looking for recommendations on a good Lawyer and CPA that practices real estate law, taxes and strategies.