Transitioning existing properties into long term rentals

[Danny Johnson]

I purchased 2 condos so that my two married daughters had a place to live.  They are paying me rent directly.  I purchase the properties as a non-occupant coborrower.  My name and my daughter’s name(s) are also in title and the loan.

I have really good equity in both properties (six figure) with great interest rates.

At some point my daughters and their husbands will move out to upgrade to something bigger.

I want to turn these properties into investment properties after my daughters move out:  thinking the best way is to convert in my name only.

Also considering leveraging the equity in the properties to help buy new homes/townhomes for my daughters when they are ready as well.

Wondering what the best strategies would be for me to expand property portfolio, minimize tax impact , create more passive income while continuing to help my family grow.

I appreciate any advice!