Gifted Duplex

[Michael Terry]

It looks like my siblings and I are about to be gifted a duplex. Both units are currently rented (total rent $825) on a month to month basis. The property has been for sale for over six years, price has been dropped from $139,000 to $98,000. It looks like its in good shape (online) and priced fairly, but it hasn't sold, so something is up.

It seems to me we need to potentially do the following:

First, get title to the property - should an LLC be setup to accept the property? What are some the costs we should look into (back taxes, assessments, repairs, gift tax, rehab costs)?

Once we have the property we'll need to decide what to do with it - liquidate (property is currently listed through June 2016, if property is transferred, is agreement with realtor still valid?) or keep renting (hire a property manager...siblings not interested in managing and I live in another state). Personally, if it makes sense financially I'd like to keep the property for cash flow, may have to buy out my siblings (2).

We are working with a lawyer, but would appreciate any insight as I imagine there's much we need to consider.

Thanks!