You can always just throw it on airbnb, but you risk $5,000 per night fines.....not to mention the costs to furnish, manage and operate the unit.In my opinion, airbnb from an ownership standpoint isn't much better than just a good old normal long term rental, unless there are unique/niche like features that allow your building to stand apart from all of the other (and we're talking thousands) airbnb units on the market. 

It's not an easy task if the family is large but focus on descendants for now (rather than siblings or ancestors of the decedent). 

I know trying to time the stock market is a hopeless task, but what about the housing market?

We have a very unique real estate market here and for outside investors and those that haven't lived here for a while it can be a real challenge...

So, starting with LLC and testing your performance would be good before electing S-corp because S-corp comes with little administrative tasks such as payroll and its own tax returns. 

@Jeff Cragar, it's hard to say which would be best because each meetup has a unique aspect to it and best way to find out is to attend a couple. 

I think they have similar down payment requirements as similar lenders, but perhaps they could assist in a unique way if you can provide something of a down payment, some conventional, etc. 

Those specific costs would be included in your depreciation basis for the rental portion of your house.Consult your CPA for more specific guidance as it applies to your unique circumstances.

You also learn which tasks you'll never want to do again and gladly pay! 

You are in the very unique position of inheriting a rental property where you are guaranteed to meet the 1% rule each and every month.