I am wondering what the best method is for a living family member who would like to transfer their rental property (completely paid off) in to my name?  I would continue using the property as a rental and finance as a line of credit for down payments on additional properties.

Originally posted by @Keith Miller :

I am wondering what the best method is for a living family member who would like to transfer their rental property (completely paid off) in to my name?  I would continue using the property as a rental and finance as a line of credit for down payments on additional properties.

 If the property is owned by a corporation, they could just sell you the business.  Otherwise, they can sell it to you. The price will be between you two. But I believe the seller will have to show capital gains at fair market value.  

Talk to a good CPA and lawyer. There are many considerations like gift tax, estate planing etc. If the sole goal is to  tap the equity via a secured credit line you may be able to do so without transferring the property.