Legal Question in Real Estate Law in Virginia

There are tax consequences to everything...

When doing these things, you need to consider both tax consequences and asset protection issues. But just looking at tax issues, keep in mind that for most people, there is no inheritance/estate tax. But if you transfer the property by a deed (joint tenancy with rights of survivorship, life estate in yourself with the remainder to the child, etc.), your child will receive the property with your basis, such that if it is ever sold, capital gains tax will be calculated based on your basis (adjusted purchase price), but if the property passes by will or by operation of law (intestate succession) in the absence of a will, it will have an adjusted basis of its fair market value at the date of your death. You need to discuss these issues with a competent estate lawyer, rather than just deciding the approach to take and then asking if it is available.