For the lurkers laughing at this conversation, the correct answer is that you can reduce your taxes but you can't completely eliminate them unless you use a trust or similar vehicle to gift the property to your heirs.

They had my sister sign a gift of equity to us even though we had been buying the home from her.

All good groups.Read BiggerPockets a lot, and get on the forums - huge help, especially when you're learning.The BP books by J Scott are great, as are the books from the 'Millionaire Real Estate...' series by Gary Keller - there's one of Flipping, Holding, Being a Real Estate Agent, and the main book.For mindset, 'Think and Grow Rich' by Napoleon Hill, Rich Dad Poor Dad, The Power of Positive Thinking, and The Traveler's Gift by Andy Andrews.  

If he sells you and gifts you the money you might have tax on it.

My name is Pavel, though I prefer Paul,and I became involved in real estate and landlording due to a gift from my parents - they saved up for 10 years and bought me a condo.

One final suggestion is to bring them a small gift to offset the inconvenience.

No gift funds are allowed, allow 2 months for funds to season for loan approval Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

When your hair stylist offers you a free haircut with the purchase of a $50 gift card and you buy the gift card for yourself because "its actually a good return on your investment."

Boston MA has $1000 facade gifts and $10k, no interest loans for helping with small renovations.  

I believe that my most valuable asset and gift from God is children, not the real estate that i hold.Success is more than reaching a certain networth or passive income.