Property: Triplex, new entire remodel from the studs just completed and vacant- Unit 1: 3 bed 2 bath - Unit 2: 1 bed 1 bath- Unit 3: 1 bed 1 bathLocation: Long Beach, CAPurchase Price: $1,250,000Financing: FHA 1.75% fixed 30 year- Down: 7%For anyone that knows or has tried to finance a 3 – 4 unit property with FHA, the biggest roadblock is the Self-Sufficiency Test.

I'm a huge skier and have been traveling to Tahoe for summer/winter for over 14 years so this definitely piques my interest as a possible future opportunity. 

My partner and I are looking to rehab our first property possibly with a 203k loan.  

Especially now that you've posted your suspicions on a public forum, I'm not an attorney, but I've watched enough Law and Order that I could see there being the possibility of you being charged for "Aiding and Abetting" their crime by not reporting it or "Criminal Facilitation". 

If your estate owns more than that amount, you are required to pay a 45% tax, which possibly could cost more than paying the capital gains to being with.

If not, you could take title as an individual and later transfer to an LLC (you might trigger some due on sale and/or transfer tax, so get legal representation on that).If LLC is not possible, I've used Revocable Living Trusts many times. 

With insurance premiums for apartment properties increasing so dramatically in recent years, I am leaning towards trying to save some costs by increasing my deductible to the highest deductible possible.

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Could look into syndications, there are ways to invest and get income or build appreciation entirely passive.

That hurdle will likely be a major roadblock to really scaling your portfolio, as I don't know any successful investors that have avoided debt entirely.