Inherited Home determining Basis?

[Glenn N.]

I inherited a home from my dad in Austin , Tx . And would like to rent it or live in it while i fix it up.I am trying to figure out the best way to go about figuring the cost basis . I would assume that I would want the highest value so when i sell it the gains would be lower on paper. I have the choice of Locking the basis at the time of death or on the date 6 months after(do not know the specifics how you do this). I am not sure how to go about this ,perhaps getting an estimate from equal homes sold during that time period . Any thoughts on this . Thank you in advance.