the old leases run with the property and are as valid with the old owners signature, as though you had signed it yourself. you can both sign an addendum stating that ownership has changed, but that would be redundant from a contract perspective. more importantly, before taking possession, you want an estoppel agreement signed by current owner and tenant which agrees to the current rents, deposits, and contract terms. otherwise you can take possession and tenant can claim he has prepaid rent for next 3 month or old owner verbally agreed to let him have 5 large dogs.

Check with some large property management companies in the the upstate (Greenville / Spartanburg areas) and see if they'll send you their lease agreement.

The gift beneficiaries would not be responsible for any gift taxes owed; if anyone owes gift taxes it would be the parent making the gift, but it is unlikely that anyone would owe given the large exclusion amount. 

Crew,From my angle (we have both banks/credit unions and large private money sources), Private money is typically the way to go for BRRRR.

Just need the metal fixed up (read: large holes on bottom, etc) and painted to preserve it.

But I at least agree that the Trust - Trustee - Beneficiary format is a strange one and has presented some complications and questions that I haven't had to have with some other lenders.

Also, I'm expecting a pretty large correction in Socal pretty soon due to our market being propped up largely on foreign money.

Tyronne I respectfully disagree with your risk assessment in gap funding deals especially and I mean ESPECIALLY small balance second like that 20k behind a large first.. very easy to get wiped out.. 

In a three bedroom unit families are probably a large portion of your renter pool.

While the crime, and types of crimes may not be ideal, you're most likely going to be buying buildings are great discounts and with renovation, will be creating large equity positions for yourself based on other renovated buildings.