While drafting a quit claim deed is not too complicated, it would wise to consult an attorney to make sure it's properly drafted and to ensure your jurisdiction's recording requirements are met.

In terms of it being affordable from the financing perspective you typically get much more advantageous terms, for example, Multifamily FHA LTV can go up to 87% for Projects with certain number of affordable units (the number of units vary based on the number of units allocated to various Area Median Income thresholds, like 30%, 50%, 60%, etc, you would also typically need a Land Use Agreement to go along with those to ensure long term compliance) or 90% for a Project fully covered by a Section 8 HAP Contract.

I've done some LH flips before - as long as the numbers add up and you can ensure a buyer on the back end, then go for it.

Solutions that have proven workable...Rental income as qualifying income, including future income from the property being purchased.Spouse's income & do it in his name.Most creative: Refinance the primary residence into just the spouse's name (ensure taxes/ins is escrowed) and have little/no consumer debt.

There is a staff in place that does bookkeeping, renting, maintenance, etc.  

They may just need to have it inspected to ensure that the work was done properly before they can update their files.

I'd say go after it and just do your due diligence to ensure there isn't anything you are missing.

This is why it is important to have a CPA who knows what they are doing.And yes, the lifetime exclusion will ensure that you do not pay any gift tax.

Hi BP,So my friend @Gennadiy Matusevich convinced me earlier today that I need to hire a bookkeeper and I'm going to  bite the bullet.  

But still...The real main point I want to ram home is: in future, please try to ensure that ANY property you buy, whether it's for your primary or for investment, will NOT leave you underwater if you suddenly want/need to sell!