That would likely take several months and cost a bit of money though. 

Likely it is just a quit claim deed to your new name, however, also note that some states (ie MI - requires another form to be filled out and it changes our taxes - or can change them....).Get the help you need to make sure it is done right without costing you extra down the road.  

@Michael Doherty and @Mike Auerbach and @Ellen Steele Don't forget the additional tax benefits available with cost segregation on the new basis as well as 179D.

They're often high quality and cost-effective.

It's not that complex.It's all about cash.  2 forms:  1) Liquid, as in cash out of pocket (cost) and cash into pocket (cash flow). 

If you oversimplify it and take your total cost to close the deal / monthly savings = # of months to Break Even.

@Francisco Milan I'm a big fan of buying real estate and doing cost segregation studies.

He can't loan you any part of the 3.5% down and you can get seller contributions to cover closing costs, etc.Just food for thought...

DSCR right now is going to have better rates and lower cost right now.  

Does it make sense to cheap out over the few thousand dollars it will cost to go through a proper escrow and title process?