Estate Planning / Tax Question located in CTMy parents plan on retiring over the next 5-7 years and have 3 rental properties with mortgages on them.

Otherwise, I'll do what my parents taught me if I don't have anything nice to say, I'll be quiet.Thank you for your post and all the other investors that kept it positive and brought some great perspectives and solutions for the original poster.

I grew up with 2 property manager parents and was fixing / flipping rentals since I can remember. 

So long story short, my parents has 23 single family properties that I managed for them for the last 8 years.

@Erez FriedlanderThere are some unique tax aspects when it comes to real estate, partnerships and foreign investors(assuming you are non-resident Aliens for US tax purposes).There are FIRPTA concerns when and if the property is sold.There are withholding concerns if the partnership operates at positive income on an annual basis.However, the general mechanics are the same when it comes to partnership tax return deadlines.

The Florida Keys are beautiful and I am sure your parents would love to stay there!

His parents never owned property.

Just a small town South Dakota kid with teachers for parents and a dream to do something more.

My wife and I are looking to buy an investment property in FL near her parents.

My parents previously owned the property and have agreed to transfer it to my name.