If that is the case, i would not recommend trying to "add your wife's name to the account" if she's not on the bank account.

I could pretty comfortably afford my monthly out of pocket payment due to income and help from my partner. 

If they are going to be there post closing, at minimum have your agent do a final walk and take photos and video as you will now be the landlord and responsible to hold them accountable for any damage, so document.Once you get it up as a STR, you should go at least once a quarter to make sure cleaners are doing a great job and make any needed repairs or adjustments.

This is why we accountants should not give legal advice and - vice versa - attorneys should not give tax advice

Everyone will have a favorite structure and attorneys and accountants will tell you different things.  

It's crucial to understand the financials and market trends to gauge the potential value of a property accurately.One key aspect is the cap rate, which is a big player in determining a property's value based on its income compared to its price tag.

That way you can bypass a bridge loan.I have borrowed $50k from my father to float some of the purchase of a Dental practice my wife owns...we simply pay into an account that we use to periodically pay him back lumps sums.

You have a steady income from w2 and cash.

I'm trying to evaluate if we should keep the property or sell it/1031 exchange into another investment, but I'm struggling to figure out how to do the analysis.Initial Purchase: $65,000 (Cash)Estimated market value: $250-270k - We'd clear $200-250k if we sold.Current Rental Income (after expenses): ~$1,417My gut tells me that we can leverage the proceeds into higher cash flowing investments, but I don't know how to do the math.

Someone will lend at a 33% LTV.All of this said, it sounds like the Trustee would actually like to say invested somehow.Option 2, put the house in a trust or LLC and let the rent be divided amongst the grandchildren:-All grandchildren remain owners of the property and the monthly income of $1,500(minus expenses) is split amongst the 6 grandchildren.I will warn that option 2 is more likely to result in long-term drama and likely some anamosity among the family members.