I believe we have covered most of the needs in this post, but I was becoming unsure about an LLC.From a multi-person investment point of view, is an LLC still the best way to go?

Weather that's for swapping numbers to meeting in person for coffee.

Otherwise, I can't see it as being a problem as your grandfather is in the loops and it sounds like the mortgage is being paid. 

We spoke with a lawyer who advised forming an LLC to purchase the home to protect our personal assets.

When looking at lender fees important to find out if a conventional loan if the loan is borrower paid (BPC) or lender paid compensation (LPC).

Buy the property in your personal name and get an umbrella insurance policy for protection.

Unfortunately due to personal reasons, I was not able to attend the event.

Whenever a person is ready to sell, a thorough cleaning that gets in the nook and crannies is needed.

Another CPA can correct me if wrong but I don't think there's going to be any recapture here.27.5 to me implies 1250 property and if acquired after 75' means no additional depreciation to recapture.I think there would be unrecaptured 1250 in the amount of the depreciation taken previously, max 25% at ordinary rates.The total gain less unrecaptured 1250 I believe would be 1231 capital gains, not considering other factors like look back and netting rules.Also the land would be 1231 and would get capital gains treatment.And personally I would subtract selling costs as a capitalized selling cost.Amount RealizedLess: Adjusted BasisRealized Gain/LossLess: Selling ExpensesRecognized Gain 1001I could be wrong though so correct me if so.Article for those interested:Depreciation recapture in the partnership context (thetaxadviser.com)While Sec. 1250 only requires additional depreciation to be recaptured as ordinary income, Sec. 1(h)(1)(E) subjects unrecaptured Sec. 1250 gain to a maximum tax rate of 25%.

Overall behind in the process by about a year - just catching up now & could use some (paid) advice on how best to navigate the complications -Probably an hour or two's consulting, at the most.