I always carry blank contracts with me just in case.

You're all in for at least $100K and then you have to carry the property for 6 months or more with taxes, insurance, mortgage payments, etc...

However, according to my CPA Amanda Han, if I put my name on the title and my mom passes away, the taxes would not "carry forward" upon her death (at least for my 50% of ownership).

@Carrie GiordanoI honestly have listened to the book three times and listened to a few podcasts on the one thing and I honestly don't know what it is yet.

At the very least as I understand it  you can carry it to the point of sale.  

Are you in the "run your properties responsibly, carry $1-2M liability umbrella, and sleep well" camp?

The final result can be carried over to Form 1040 to help calculate your personal federal income tax liability.

I'm trying to make everything as transparent and fair to all parties as I can in the contract, but having previously carried the financial load in a big way for other people's goof ups on a rehab of my own, I don't really intend to do that again.

Take the previous example; let’s say we are able to convince the seller to carry a note on the house.

As the great economist Fredrick Hayek said "All economic activity is carried out through time.