Also as a part time realtor is it even worth it to try and become a realtor in today’s market.

This is a GRIND but that is the way forward in this environment IMO.Why this works is simple: You slow ramp to give time to build alot of skills needed to scale at the end of the 10th year you SHOULD have at least $3M portfolio assuming 3% appreciation that is $90K you are adding to your net worth EVERY single year guaranteed!

That's not worth your trouble IMHO....is there anything else more serious?

Great question and always worth getting a second opinion.. especially when it comes to inherited IRAs.

State tax regulations are typically able to be researched by any CPA worth his/her salt. 

You'll lose rent while property is vacant, and you'll probably have to do more repairs to attract a new tenant than you would to keep the current tenant.Is all that worth requiring a tenant to use one specific payment platform?

Unfortunately, this reassessment is unavoidable, so you’ll need to evaluate whether transferring the property is worth the potential tax increase.If a Transfer Is Not Feasible:If the potential property tax increase makes the transfer impractical, an alternative option is for your father-in-law to secure a Home Equity Line of Credit (HELOC) on the property.

This means that if the bank forecloses, and you can’t pay it off, you will lose all of your money with no recourse to anyone.One option to secure your loan is if one of the partners has a free and clear property worth significantly more than your loan.

Honestly my wealthiest clients and friends with 8 figure plus net worth have little to no debt..

It’s also worth considering a multi-family property for your first deal since it can help with cash flow.