And these requirements change sometimes and could be subject to what are called "overlays" by the individual banks (i.e. the bank can have their own limitations on what they want/need).

Hi Nicholas,I think that is a very subjective question.

I find it helps people focus on the word as a subject. 

I am not subject to any SAFE act regulations.

@Jameson Sullivan...Debt quotes being rough is subjective right now and it seems like you know that. 

Hello,How would I file taxes on rent income that I am recieving from a subject to the existing mortgage deal?

I've been told that roughly speaking you should keep much more than a million dollars in assets in one LLC but this is all subjective and personal preference based on your risk tolerances. 

But even this is subjective, since nicely remodeled will have a premium to dated, but an unusable, large home will sell at a discount when viewed as per sq ft value.For a comparable finish quality, on equally desirable street in same neighborhood, we have sold properties almost exactly at the same per sq ft price as smaller properties, but they were equally usable as their smaller counterparts, i.e. 2,900 sq ft 4 bed 3.5 bath versus a 1,900 sq ft renovated house 3 bed 2.5 bath

If the property really wasn't yours and you were more of a nominee/agent with your name on all the legal documentation on behalf of your parents, in all likelihood if the IRS audited you and had all the facts, they would probably disregard the legal ownership and treat your parents as the true owners for US tax purposes.Even if it was a gift, gifts are not subject to income tax but would be includable in your estate and since your non-US person parents were gifting US real estate, they would be subject to US gift tax on the excess of the gift above the annual exclusion (15k I believe).

But the establishing of an Independent Government is a totally different subject.