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

Looking forward to the passive income but also to the tax benefits

>> 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.

I am getting ready to move out of the building entirely and would like to disband the condo association and have one tax id for the building as a whole.

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).  

However, title can be “clouded” many ways, including heirs who never registered their rightful interest (usually when someone dies without a will), spouses never formally divorced, common law marriage situations, children born out of wedlock, incorrect survey information, Sheriff and tax sales misidentifying multiple parcel situations, partial property rights transferred such as remainder estates, tax liens unrecorded, incorrect county identification due to changing county lines as when a river redirects, and of course plain old error in the property description copied onto the recorded warranty deed.  

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

She was told if she doesn't have 2 years of tax returns, then she won't get approved.  

Duplex house - 2 units both 2/1 (good condition)Estimated sale price $310kQuoted payment 7.5% (25% down)$2068.96/month (assuming $150/mo for insurance and $293/mo for taxes)$87,149 cash to closeAnnual cash on cash return 3.6%cashflow $252 monthlyBoth units currently occupied and lease signed through April 2024I will be using property management for this property because it’s out of state for me. 10% fee.