@Rajshekar Manaliker I’m here in south Florida and we’re still moving and shaking with a good amount of incoming residents from income tax paying states

There a ton of pitfalls that can just crush you. from bad tenants from hell to city regulations that are impossible to figure out to taxes to bad rehab jobs etc.

If you're just looking for general guidance around a successful STR journey, I have some friends with deep insights into everything from REI tax strategy to marketing and creative financing.

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

Bu equally important that the seller is current on their property taxes.

>> Will there be any tax implication?

If you're concerned about the tax implications, definitely talk to an accountant well versed in real estate to go over your options.

If you combine them then the courts (and tax courts) deem it a loan and cause a foreclosure action and you to be taxed differently than if it was a lease property. 

Title insurance should also reveal if the trustee has this ability.To clarify, if a trust names someone who is deceased as a beneficiary, the trust would then name someone else, or would name their estate (the reasons behind forming trusts in the first place would seem to indicate that it would be another person, since their are tax benefits and probate avoidance).  

And whatever taxes are owed (unless he's talking about income taxes) should be in holding costs.