Go ahead, “relieve my mom of the burden of ownership” of this asset.

As I read IRS Publication 523 , I believe we qualify for a partial exclusion (not the full $500, 000 of tax exempt but at least for the time we were in the property): Work-Related Move You meet the requirements for a partial exclusion if any of the following events occurred during your time of owner- ship and residence in the home.

Have you considered bringing someone in to run the day to day business operations so you can maintain an ownership stake (and the financial benefits) while still freeing you up to pursue commercial real estate?

Following local market will make it easier for you to set market rent and market the units.Agree with all the advice you are getting, just wanted to throw in some personal experience.In my market water sewer garbage is utimately owner responsibility and must be paid in full before the account transfers to a new tenant. 

The responsibility is on you to pay the taxes and keep them updated on your current ownership and address.#4 Probably you don't have to sign anything.#5 Good lesson learned to not own any joint assets with the X. 

Before anyone can venture a guess, they need to know where the property is; transfer taxes, recordation tax and doc stamps can vary wildly across the country.  

Because ownership would be split and a bank is not going to allow that.

Many investors get "around this" either knowingly or unknowlingy by transfering Title back to their name, getting the loan, and transferring the Title back to the LLC. 

When I did my own research the only entities that I could find that had an ownership interest were the two brothers.

Essentially identical to a sale with owner financing but the deed stays with the seller.Yes, you can 1031 into such an arrangement as long as the contract has been written so that in the terms all of the burdens and benefits of ownership have transferred to you.