Answering your question would require additional information. But taking what you've written at face value, in order to transfer direct ownership of the real estate to your father, you would need to prepare one or more deeds from the current property owner to your father. Then and only then will he be the direct owner. What you are suggesting is to transfer ownership of the companies to him and, in doing so, he would have control over the properties by virtue of his ownership of the companies. Making the transfer in this manner may trigger the assessment of realty transfer tax of between 2 & 4% of the current fair market values of the properties. You want to regain control/ownership of the properties upon his death. Unless you remain an owner of the companies and include provisions in the operating agreement relating to transfers upon death of an owner, there is no means of assuring yourself that you'll get the properties back.
The transfer that you are proposing come with lots of possible tax and estate planning pitfalls. I would suggest that this forum is not sufficient to advise you completely on the best course of action for you. Feel free to contact me directly for further advice.
Answered on Sep 22nd, 2014 at 2:58 PM