Tenants pay $2350/mo and after the rate increase, this no longer covers mortgage/taxes/insurance.

If this situation is truly how you describe it, you should get in touch with a lawyer and file suit.

Never let the tax tail wag the dog.

There was an opportunity to help a fellow investor who had his family growing and needed to dispose of the property to get rid of problematic tenant issues, rising taxes, and invest in other opportunities closer to home.

Also make sure your tax basis is reduced as part of the sale since your land is being reduced. 

You should look at any limitations on gift taxes though, and she may actually want to structure it around any of this.

Do you need a lawyer to submit the LOI?

I see it as no different from using a lawyer with a car accident.

We just were looking for a good Lawyer and CPA.

An accountant would help here, as you can make gifts to family members every year to a certain amount tax-free.Finally, you could simply sign over the dead to your son, if you trust him to pay you back over time.