Your depreciable basis at the date of conversion is the lesser of (1) Adjusted basis (cost + improvements) or (2) Fair market value.

Prices of listings will adjust.

I am here in southern California and homes are still selling in less than 2 weeks.The agents that price the homes correctly will get multiple offers and sell in less than 2 weeks.The agents that price the home extremely low for marketing purposes will get 20 offers on a home.I tend to price the home slightly higher than the market and see if any buyers will bite, if not we typically adjust the price down over a course of 30-60-90 days down to the price where we start to get showings and offers. 

Disclaimer aside, my short answer is create a land trust, transfer into it, adjust/replace insurance, redirect all accounts, and establish a bank account for the Trust. 

If you are beyond that, see if the owner will let you in to adjust the system.

Many who have invested passively in real estate the past few years are in deals not going well and they are much more risk averse and are doing a lot more due diligence (unfortunately from lessons learned from not doing it previously)Plus as mentioned risk free return vs risk adjusted return does not make it very enticing for investorsWhen it gets to deploying capital we have more deals than we know what to do with.

While it's exciting to see rates potentially coming down, I wonder how quickly lenders will adjust their offerings.

Inflation, for instance, can raise property prices, but this doesn't necessarily translate into a real increase in value when adjusted for the cost of living.Demand can also drive appreciation, but there are factors that could cause demand to decrease.

I want to know my payment is fixed for the foreseeable future and can adjust accordingly if needed. 

Usually helocs are adjustable rates, so the rate will come down as the interest rates go down.