My dad doesn't want to deal with his 7 rental homes anymore but wants 7% return. He would like to give them to my brother and me. My brother and I want to keep them as rentals and not convert these into other assets. What is the best way to do this tax wise? (Like a long term c for d? Or a corporation? Or quit claim deeds) Family dynamic wise?
There are some options in this scenario. He could gift the properties to a Trust. He could sell them to you/your brother in exchange for a note providing the required return. An IDGT may also be an option here.