Since most are in different states, with different laws, this may be completely different for you than for me. 

Every market is different and everyone's goals are different.

Rent checks are made out to the LLCHowever I would take the advice of your CPA and disregard everything we say if they say different.     

I worked with a CPA out of state a couple of times and it just felt like I was filling in the blanks - no different than using Turbo Tax - no advice given. 

Hi Tonya, Kevin is correct--both serve different purposes but are equally as important.

I would get a second opinion.. from a different CPA.or maybe one will pop on here and chime in. 

The Trust could 1031 exchange for another investment property and the same thing could happen to you with a different address.Oher than that your father will owe depreciation recapture tax and capital gain taxes upon sale and he is free to just give you the money you put in and whatever profits you're owed. 

What would you do differently?

If anyone knows anything different feel free to chime in if I am missing something.

There’s a difference in terminology if you want to get technical of taking over a mortgage and taking over the payments of the mortgage.