• Suggestions for improvement please.Here is the back story:I recently purchased a three family with inherited tenants occupying two of the three units.

Regarding tax basis, is it more beneficial to gain full ownership upon her death from being a joint owner, or gain it through inheritance if she was the sole owner on the deed? 

The other 2 were inherited from seller(big learning lesson for me).

There use depends on the type of trust setup - they can be used to bypass probate; eliminate ownership and control from a person subject to lawsuits; skip a generation on an inheritance and hence skip inheritance taxes, and numerous other uses.  

I want to use some of my inherited funds to start doing some PML and EMD but I don't want it to pass thru on my personal return. 

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

@Nick Moriwaki, if your original spreadsheet examples were still viewable, I believe they would show that you were quoting $50k savings to lessen the amount needed to pay back a first position HELOC.

I finally got my inherited semi detached SFH (C+ working class neighborhood) ready to rent out but the attached house sticks out like a sore thumb and I believe the tenants do it on purpose as a deterrent and intimidation factor. 

Assets alone don't do much for generational wealth - how many heirs just sell the assets they inherit?

There’s no tax or inheritance advantage.