Not to lay it on...but this is a great textbook example of why you should consult your advisors (the ones that you pay) before you do something like this.It might have made a lot of sense for your parents to put the house into a revocable living trust, which would have avoided all of these issues, and when they passed, the house would bypass probate, be transferred to you, and you would receive a step-up in tax basis.Hopefully your parents filed gift tax returns for the year of transfer if they had an obligation... 

At issue is whether I can exceed the $15,000 annual gift exclusion to my kids by essentially making the properties functionally unmarketable by separating the two.  

@Derrick Gordon The ones owned by an entity should be the easiest, so long as it isn't a Delaware entity.

Depreciation is a free gift from the government.

September was given rent free by landlord as a parting gift of sorts. 

Oh, and I always send them a Christmas card and a gift certificate for a local coffee shop at the end of the year just to let them know I appreciate their time.

A CRT enables you to reduce or virtually eliminate capital gains tax on the sale of an asset funding the CRT, claim an income tax deduction, receive income and make a gift to the charity or charities of your choice.

I can tell you from experience installing shoe molding or quarter round will be the easiest. 

@Luis ValdezThe easiest way is to work with a broker and have them send you on market deals.

What is the easiest way to find what insurance and property taxes are and how to calculate rehab costs?