Partner's parents offering rental as gift to sell for new home

[Ben Weis]

i’d love some help with my first time homebuyer situation.

i’m engaged.

we live in oakland california

my partner’s family is in the bay area. they own several rental properties.

they have offered one of their rental properties for us to use as a leg up to buy a home in the bay area.

i know very little about home buying and we’ve heard there’s a few strategies for making the most of this gift.

i’d love to know more about what you all know about how to get the most out of this situation. i’ve done some research on 1031 exchanges and we’re learning more about what kinds of entities we might need to set up. we’re very early in this process and any advice would be greatly appreciated. thank you in advance, happy to give more details if that helps.