There is a double-wide trailer on the property as well which rents for 550 and is currently occupied, same tenant would like to stay when property is sold. 

@Nicholas Horsburgh  Realty shares sold their under 1 million business to lima one .. just FYII would think one rental house would not require a PPM.

If you were just renting it out, and you were not sure when the actual sale will take place than it is ok to transfer because it is stressing you out until it is sold. 

Even if they say "I do not plan to sell within 6-months to a year," What I do in this instance is give them a list of homes that have sold within their area so it can them a rough idea on what the homes are selling for in the area. 

Than add some contingency for other items along the way

(in which I should be able to write off most from taxes as improvements according to the podcast with @Amanda Han)I am just more lost about whether I should have it gifted to me, sold to me, placed in an LLC, etc.

We are now 10 months in and ready to sell we purchased for 188k put in 110k and it can be sold for 429k. 

@Mathew Wray Combining two separate lots for development purposes does create plottage value, however, it may not be enough to overcome the fact that the tear down is going on the market and will likely be sold for a high dollar amount, and you have a nice house worth half a million dollars that would need to be torn down. 

Legal Zoom can't help since what i'm asking for is an "a la cart" item. 

Thanks all for any input,Trey I come from the IT world and computer sales myself (when they sold for $100,000 and more a long time ago) ;-) You should consider partnering with someone.