Best Way to Receive House from Parent
Hey guys, new to the forum here. I just finished listening to Brandon's book on rental property and heard about the forum from it.
Things that may or may not be relevant. I live in Florida. I'm 39, she's 60. She has an established trust. She has stage 4 cancer and I handle most things for her.
My mom moved into her mom's house a few years ago and her former house has been sitting vacant since. Her and my dad bought it 40 years ago. Zillow has similar houses selling from 50k to 90k. Our conversations have ranged from her suggesting selling to my cousin for 80k, me offering her 80k since I'll essentially inherit half of that back later anyway (I have a sister), and her throwing random options out ranging from buying her a new side by side for the farm, to a new Cadillac, or a new tractor. Given essentially unlimited options, what's the best way for me to get the property so I can rent it and have the smallest tax burden for each of us?
Thanks!