Rental Property Ownership Transfer to Children
My dad and his two brothers own a 2 family rental property in Rego Park Queens, (it is legally only in my uncle's name). They all now want to transfer ownership of this home to me and my cousins (there are 5 of us). They paid very little for it from my grandparents, it has been paid off and is fully depreciated for a long time.
What is the best way to structure the ownership transfer to minimize taxes? My cousins are considering selling their shares. We would like to have any buy outs and taxes that will be due from my father and uncles to be paid by the equity in the home, if possible. I'm thinking we would setup an LLC for the rental going forward. If anyone knows a good real estate lawyer to help set something like this up I would greatly appreciate it. We will also be looking for a good property management company if anyone has any suggestions. Thank you for your time.