Also make sure your tax basis is reduced as part of the sale since your land is being reduced. 

Looking into cash-out refinancing and DSCR loans and all of that but I'm getting ahead of myself as I don't even have the 1 yet lol.Nobody in my family has any experience with this sort of thing so I'm just hoping someone can give me their opinion on if this investment makes sense.The home is currently being rented for 2900 total (all tenants are month to month and have been there about a year each) and my monthly costs would be 1,200 included taxes, insurance, mortgage etc.I am considering putting the home on section 8 because the fair market rent would make my monthly rent 4k+ but I'm weighing the pros and cons on that avenue.From what I understand the biggest costs to me as a home owner would be a new roof or fixing the pipes for any reason..

An accountant would help here, as you can make gifts to family members every year to a certain amount tax-free.Finally, you could simply sign over the dead to your son, if you trust him to pay you back over time.

The seller wants to sell it for $50k but has requested to put it down on paper for $5k, so he can pay less tax; the remaining $45k would just be given under the table. 

However we see light at the end of the tunnel: we can pay off the mortgage in another 2 yrs and avoid the balloon payment, then we calculate finally earning profits during the 6th year.

However the property is still under my name, Do I have to report taxes for the SM LLC (which has its own EIN) that technically has no income?

Even the house is fully paid off, the 1% property tax + 1% maintenance offsets 2% annual gain.

I get they reduce after a year but would you avoid cap gains if you put the gains into another property or investment? 

Purchased for kids future/college fund (maybe relevant maybe not) Mortgage rate is 4.4% currently paying $1149 a month (including taxes/Insurance)Currently rents for $1550 (room for upping rent to $1600+)In the 2 years Ive had it, Ive added a roof(insurance claim),new windows, new bathroom, plumbing.

Is There Tax Lien Workshops/Training Or Any Info In Biggepockets?