Filing a lien, making it a formal transaction also means that the debt or asset will be covered by law in other issues like death, bankruptcy, etc.

I realize there's a fair amount of install cost for mounting the unit, wiring the unit, and installing ductwork, but it seems like it could be done for a ballpark of $4k-$5k per unit (I'm using a 2 bed/1 bath with about 750 sq ft as my example).

However 12 of the 18 units are studios and 6 are 1-bed.

Check out redfin.com and you can pull up previous sales in the area (look for sold in the last 3 months, similar sq footage, same area, same beds/baths) that will give you an idea of what the property is worth.Also be aware that condos have HOA fees.

Death of a partner and the advantages an LLC can provide to avoid the properties needing to go through probate.9.

4 bed 2.5 bath dream home got a complete make over with an open concept kitchen that sparkles with new appliances and quartz countertops, walk in pantry, new double pane windows.

Purchase price: $318,000 Cash invested: $15,000 Sale price: $380,000 2900s sqft. 5 bed, 3.1 bath single family residence in established neighborhood

With all the west wall being windows I think I could add something over the bed.

The property is 3 bed, 1 bath, and a little over 1,000sqft. 

Your father-in-law will have to file a gift tax return with the IRS, but there should be no tax due for the gift at this point (that will depend upon the estate tax exclusion at the time of his death).