There is something I don't quite understand, although I get the 'tax planning' that Dad has in mind. Happens in my practice all the time.
How are the buildings owned, in a partnership with the three of you, or do each of you own a building?
If Dad owns the building, and collected rent, that works great. I don't quite follow how he wants to not collect the rent now, and still own the building, and somehow pass the rental income reporting to you.
I could suggest that he sell you his interest, which would allow you to deduct against the cash rents paid to you, and he could report capital gains on his sale, cutting his taxes.
If instead this is just a shift of income onto you return, and you are then supposed to forward him the rent, that's the kind of 'tax planning' I see from a retiring generation pretty regularly.
Please confirm what is being proposed, and I will come up wih some options.
Since this is beyond th scope of our traditional questions to be answered, I will post an Offer of Additional Service for a small price increase for the time we will need to spend. Accept, and outline the facts so I see the second half of what is proposed, and I will assist.