Would you pay off the note or just keep paying that as its already set up with a 4.5% interest rate?

It’s your place with your rules . it’s a serious matter, because it sets the ground work on where you stand and how you fIrmly plan to manage the property

My lease states The only person(s) living in the Leased Premises is/are: (the husband & wife)  A.Any change in the occupancy will require written consent of the Landlord and may be subject to an adjustment in the amount of rent. 

You’d set the purchase price at the $550k you think it’s worth then set the gift at whatever amount will leave your Mom with enough to pay off her existing loan.

Will the closing attorney be able to set this up or is this something done by a RMLO at closing?

That is a given in your market.No problem in speculating, provided real estate market does not adjust down but expecting positive cash flow on this property is a joke.The opportunity value of your equity (10%) alone is costing you 8K per month in lost income.

Not having more info I would gamble that your price needs adjusting .  

., Syndications must be set up so you are purchasing a tenant in common interest of the underlying real estate in order to be eligible for 1031 treatment. 

I am trying to soak up as much knowledge as I can and have a set plan so when I do transfer all I have to do is put it into action.

Once DD has stared and I can flesh out the operational details like what will CapEx look like month 15 when I have to replace XXXX and this county adjusts taxes biennially so in month 21 I can expect a 10% increase.