If you are closing on a property that you will reside in, can you close it in a Trust, or do you have to close it in your own name, and then later transfer it into a Trust? 

They will have requirements on how you can document the transfer of funds.

Worst case you can transfer the money from the current custodian into Fidelity and back and forth it would just create work for you and possible wiring fees....

This seems like a lot of work to save 15% of $35k in taxes (Less than $5k.) especially if you have transfer taxes or title insurance, or you convert your long term 15% rate in to your son’s regular income tax bracket.I hate paying taxes as much as the next guy but this lemon isn’t worth squeezing.

@Sam Rogers A Deferred Sales Trust (DST) allows you to defer capital gains taxes by transferring sale proceeds to a trust in exchange for installment payments, offering tax deferral and reinvestment flexibility beyond 1031 exchanges.

Can you recommend someone reliable that you have been working with or someone you know Chris.Thank you for the replay 

I would just pay off the arrears, pay out your equity, and transfer title. 3) Sell on the market, but then you'll lose some of that equity in closing costs and commissions. 

Is that because there is no work in those towns and the tenant won't be reliable or vacancies will be high?

Alternatively, partnering with a reliable GC can help you scale without adding extra responsibilities.

Eventually, I would like to transfer the property to an LLC.