We both lost out to someone that was willing to give the Seller almost the price they were asking because they were doing a 1031 exchange were they had a substantial amount of cash and they liked the property location.This similar scenario has played out for me several times over the last few years because the market was so hot.

A 72-T exemption known as a Substantially Equal Periodic Payment (SEPP) is a pretty rigid agreement.I don't think you will be able to accomplish the rents-only goal.  

Quote from @Nicholas Schwab: Have you ever heard of a house hacker that provides substantial services to their long-term tenants (or roommates)?  

To access non-recourse financing, your company might need to show a strong track record with larger projects, substantial equity, or seek alternative lending sources like institutional or private lenders.Happy to connect and chat further if you'd like.

They're relatively inexpensive and will give you the background in real estate concepts that will speed up your ability to intake knowledge specific to tax liens and deeds. 

They serve to guide tenants in taking good care of our property.

So if at death it is worth $5m, and of that $5m based on the waterfall agreement you and your sister would get a combined $800k - that $800k does not get stepped up, just the $4.2m that belongs to your father does.If your father is subject to estate taxes, and there are substantial discounts taken on the valuation of partnership interests in his estate - that cuts back on the step up, but it saves steeper estate tax, so it is a worthy trade most of the time.

Substantially all participation.3.

Substantially All Test: The individual's participation in the activity for the tax year constitutes substantially all of the participation in the activity of all individuals (including non-owners) for the tax year.3. 100-Hour and More Than Anyone Else Test: The individual participates in the activity for more than 100 hours during the tax year, and no other individual (including non-owners) participates in the activity for more hours than the individual.4.

Greenville, known for its substantial growth, continues to see new construction and renovation projects, making it a highly desirable market.