Warning! We simply already have way too many lawyers and not enough jobs to go around. And "law schools" are churning out more and more graduates everyday. Invest your time and money into a vocation that has future job opportunities.
Do a SEARCH here on Yahoo Answers to see what others are saying about the current status of Law. The news isn't good.
To get the best answers, see an estate planning attorney. However, my response would be that you should go about this a different way. The amount of your gift will be $550,000 because when the gift is given, it is given at fair market value. Second, your son will have a carry-over of your basis ($50,000). If he decides to sell in the future, he will have some hefty taxes to pay.
An alternative would be you and your wife gifting the income from the property to your son each year. This will allow you both to take advantage of the $12,000 annual gift tax exclusion. If your son is married, your amount just doubled and your combined annual gift could be $48,000 without tax consequences.
In addition to the above example, upon death, transfer the property to him. The property will receive a stepped-up basis rather than the carry-over. If the estate tax exclusion (which is $2M right now and will be $3.5M in 2009) avoids repeal, this will be the most favorable situation.
I am NOT an attorney, however. An estate planning attorney will discuss this type of scenario with you.