I’ve gained access to the basement and didn’t detect any foundation issues.

What does he consider a substantial down payment and does he know that he has to pay capital gains on that down payment instead of just on the payments?

Focus on building strong business credit through timely payments, low debt levels, and solid financial records, which carry more weight than the name alone in establishing creditworthiness.This post does not create a CPA-Client relationship.

I'm eager to gain hands-on experience and mentorship in this field.

Land doesn’t depreciate, and while buildings require maintenance, they usually gain value as markets grow, demand increases, and inflation takes its toll.Real estate investors benefit from a significant tax write-off based on the concept that properties lose value over time, even as their market value skyrockets.

I want to gain Capitol under my business name.

Lenders also have interest only options that could help with cashflow especially on acquisitions to allow you to get the listing up, and have your listing gain momentum (some listings start off slow while they accrue bookings, reviews, etc.)

Even then, if you've built up enough carry-forward losses, a nice capital gain may not trigger any taxes to be paid. 

I have studied the market there for a bit now and am comfortable with investing with decent Cash Flow and modest property price gains.

I believe you were right he would inherit your cost basis, so he would owe capital gains.