Ultimately if you don't sell and someone (family, friends, siblings, etc) inherits property, and they decide to sell later, they pay capital gains tax based only on the value of the property as of the date of death.

She was an inherited tenant when I bought the place in 2015.

Some charge me yearly others are 3, 5 or 10 years but I can’t think of a scenario this would work me unless I inherited a $500k IRA or really wanted to manage all these accounts & fees & IRS contribution & withdrawal rules or I took on a large gamble investment for a 30 to 100% return & got into active market again like flipping houses, etc.I guess I would rather pay the IRS less than a company like Quest IRA?

When ya’ll take on tenants currently on a year long contract with previous owner, how do you prefer to bind the contract you’ve inherited to include you as the new lessor?

@Matthew Stanizzi I think it would be helpful here to see your deal analysis here- it also depends if you are inheriting tenant and if they have leases or they are a taw-  also if its lead certified, separate utilities, if the rents are below market you want to consider your plan on raising them over time as well 

And if you need cash, do a refi of the new property.Using the basis of purchase price when you set it up as a rental is only a disadvantage in that it lessens your annual depreciation allowance. 

"Pet rent" is a little more grey - the Residential Tenancies Act does appear to preclude such additional rent amounts, but the practice is widespread and, thus-far, the authorities appear to tolerate it.We only allow pets in select buildings: either ones where we have inherited pets and have yet to perform any substantial retrofit or where the building was renovated with pets in-mind.

Hi Folks,I recently inherited a home in the Central Valley of CA.

If I purchase the property, do I inherit the reviews for the property or do those reviews stay with the owners profile?

It is definitely speculative, but there is plenty of data in place to lessen the risk if you're looking to flip it quickly and not buy & hold while waiting for the new airport/mall/whatever to show up.