Obviously a question for your CPA (which I am not), but I would think that any expense incurred that is business related to your property can be charged off against income the property generated.  

WD: Warranty Deed; QCD: Qhit Claim Deed.You would have to talk to an asset protection attorney and a CPA to discuss your specific details.But I would envision that you may ending up creating an entity (probably a disregarded LLC) to own the property, and another entity (probably taxed as an S or C corp) for the operation part.

I would start discussing taxes with your dad and a CPA so he doesn't take a tax hit.

@Brandyn Richardson depends what you are trying to do, I find it that most on here seem to be too eager to put together an LLC, get a CPA, Lawyer, etc lined up before doing a deal.

My CPA passed away right at the start of COVID and I have been scrambling to find a new one to work with. 

CPA in LA - I started a trucking business and am looking for a great CPA who understands the law and knows how to reduce taxable income?

I know I can consult a CPA about this, but I'm more curious about whether folks generally reduce their expected income according to income tax, or just assume deductions will cancel it out and don't include it in the estimates. 

Talk to your CPA, but most likely the 2 of 5 rule still applies.

Calling our CPA brethren to weigh in on this???

I bet you could find something 30 years, if you do some legwork.Include something for pest control and admin/professional fees like your CPA, LLC fees, and when you need to advertise for a vacancy.