They were 15 days late and paid only $2,000 on the 15th.

I went back and checked.

The entire loan balance is wiped in a Ch 7.

Consult a real estate and estate planning attorney to properly structure the trust and define roles, succession, and ownership shares.

So, $249K balance + $20,000 cash to close and pay everyone, catch up arrears and closing costs.

They have multiple books on LLCs and Corporations.While I don't recommend you do this yourself without legal help, reading and educating yourself about the issues will help you work better with attorneys and CPAs.

I think you have some debt equity you should explore doing a 1031 exchange on that can boost your growth and income if you do it the right way.

However, this rule expires in 2025 and who knows what the government will come up with in 2026 and beyond.https://www.stessa.com/blog/heloc-interest-tax-deductible-re...

Always check crime rates and assess neighborhood trends before making a purchase. 

You can open dedicated bank accounts for your properties, which keeps your rental income and expenses totally separate and makes accounting and tax time a breeze.