In April, a new transfer tax on residential and commercial real property went into effect, potentially impacting hotel values.

Your mortgage will be close to $1150, plus taxes (~400), plus wear and tear (assuming a new house, lets say 10% of rent = $180) ,and plus (potentially) a property manager (~10% of rent = 180).

In many states the county assessor keeps track of who’s paying the property taxes.

That might be a way for you to keep your cash on hand for some renovations and forced appreciation to boost your portfolio a little.My personal recommendation is always to pay off debts first before going after an asset because it directly impacts your purchasing power.In this case, if you were to pay off your debts and then combine your income with your father's, you would qualify for more.

Obtain an EIN (Employer Identification Number) tax ID on the IRS website (Free).4.

The property has a remaining mortgage and with the increased HOA fees, insurance costs and taxes, rent barely covers cost.

Then determine your strategy - cash flow, appreciation, tax deferral.

I know I can create the GA LLC with no problems, and the FL LLC would need to be registered in GA, however would I need to pay income tax in GA? 

My escrow account wasn't able to cover the amount because of an increase in property tax.

One must know to indicate on those forms that the transfer is exempt of assessment tax because it is basically you passing title from one's self (individually) to an LLC (which the person controls).Also, I have used full Grant or Warranty Deeds and not Quitclaim Deeds, as Grant/Warranty Deeds are a sure way to confirm that true owner of a property has the legal right to convey their interest in the property, while a Quitclaim Deed does not have any such warranties or assurances.