Some input on portfolio land contract deal with family pLeAsE!

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My parents are at the point in life where they are looking to sell off their real estate portfolio. They would like to sell it to me but there are a number of items i'd like some clarification on if anyone could help.

Portfolio Overview 16 units over 4 buildings. They are selling it to me for what they purchased them for decades ago. 500K total on a land contract with 0% interest, no money down required. They said they would like to have a steady stream of income for the next 20-30 years without any of the management headaches.

Issues- 2 of the properties still have mortgages on them @ 40K each the other 2 are free and clear.

Depreciation- When does depreciation recapture happen? after the buildings are completely paid off or when the land contract is signed? I would like to find a way around sticking them with a large tax bill as they have depreciated some of these for 25+ years allready.

Heirship- i have 2 sisters as well, if my parents were to pass, these would be apart of the estate. would my land contract then transfer to the heirship (which is what i am apart of) and just pay them/myself? Is there any depreciation recapture required by an estate if there is a transfer upon death?

Depreciation- Can I start depreciating these once the land contract is signed using a basis of the purchase price?

I will be getting a lawyer to assist in setting this up, but figured i'd reach out here to get some input. It is a good deal and may push me over the edge into full time RE investing, i just need to make sure it is executed correctly.