Gift of co-inherited property. How to solve this problem?

[Sergio De Hoyos]

My grandmother is offering to gift me a property she co-inherited with a disabled person. To make the story short, she inherited 80% of the property from a friend she helped through her illness for years. My grandmothers friend had no heirs but she left 20% of the property to a disabled nephew. My grandmother has been trying to sell the house by herself for years now with no agent because she does not know anything about real estate. I’ve advised her to get an agent but she would rather gift the property to me. Now, since this is a co-inherited property, how would this work? Can we just sign some legal paperwork to have her inherited portion transferred to me? How can I buy out the party that owns 20%? Do I need to negotiate or can we just go by the market value of the property, or a lower amount? What are the tax implications to me and/or my grandmother for gifting and receiving the property as a gift? Please note that the property is not in the same state I live in currently. I will be looking for expert help but would appreciate anyone’s comments to get me warmed up. My plans for the property would be just to keep it for rental cash flow. I assume I will need a lawyer. Thanks!