My dad suggested that 1) we take all the rental income and 2) they transfer the deed/title to be solely in me and my wife's names. 

A detailed resource on Due on Sale you might want to read is: the-truth-about-getting-around-due-on-sale-clauses.Also, these threads might be worth reading:386043-bank-called-my-due-on-sale-clause 183825-due-on-sale-clause-was-called-by-bank232247-due-on-sale-clauseAlso, FYI - The Fannie servicing guide, for about a year now, explicitly excludes a transfer into an LLC you own from the due on sale clause.

I’m looking for LLC formation and title/ deed transfer.

Is there any strategy that allows for a self-directed 401K or IRA to buy a BRRRR property, get cashed out upon refinance, and have the property somehow transfer out of the 401K so that resulting equity and cash flow aren’t trapped inside the account until retirement?

Refi's though you have to qualify and have provable income.If you hold for 2+ years as an investment you can do what is called a 1031 Exchange and buy another like kind property and transfer the tax due.

Hello BP members,I am looking for information regarding owner financing and title transfer when facing a pending balloon payment.

There isn't really any significant advantage to transfer debt from one property to another when you already own both.

Close on the sale of your relinquished property and transfer the proceeds to the Qualified Intermediary.3.

The odds of the loan servicer asking for a job transfer letter (or similar supporting documentation) are non-minuscule. 

Also, I recently did a balance transfer from my high interest credit card to a credit card I already had opened with a zero balance (they offered me 0%balance transfer ) my credit went from 784-700 because of this!!!