See, what we really need is a paid session where a guru can teach us how to use Bigger Pockets most effectively...

Within a few years, you could effectively transfer the entire home, without ever going above your annual gift tax exclusion amount in any given year.

Long term, you have more control and if you get deals it is cost effective.

In the first instance, it would probably me more cost effective to build self-storage units.In the latter case, what would be your plan when the person no longer wishes to rent the unit?  

Though not always effective, if the seller will let you, I've found it helpful to visit with the tenants prior to the close of the deal.

But if there are any remaining adults or eggs after the 2nd, the 3rd will take them out.It's much easier and effective to treat an empty unit versus one with people (and a food source in them).

I'm happy to say, I walked away with both objectives met and am looking forward to continued engagement with this group.For anyone else on the forum who has a BREIA membership, I'd love to hear your feedback and insights on how participation has advanced your REI objectives. 

What this effectively would tell me and the argument I would want my attorney to make is that you did this purely to establish a higher degree of anonymity from you tenant, but never actually had the intentions of running a separate business entity. 

Disclose Disclose Disclose.1) Make sure everyone in the transaction knows that you intend to purchase the property within the stipulated period and sign an agreement to that effect.  

If you are holding a second mortgage it should contain language to the effect that a default on the first mortgage is a default on the second.