For your first project it is nice to be able to see it, talk with all the people involved, know the area, know the schools, know the employers, know the neighborhood, meet your trades, etc. 

A lot of these properties are still trading at low caps, and they have a lot of deferred maintenance.You're seeing a lot of these older properties being traded now.Gino

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.

It hasn’t traded since 2008. 

Income from a trade or business where a taxpayer doesn’t materially participate.2.

An owner trades the predictability of a low Flat Fee (which is typically charged every month whether property vacant or occupied, tenant paying or not), for less PMC alignment with the owner's interests.

Tell ya what, once you've hit journey in just 2 trades I will let you attempt to talk down to me. 

With over 20 years of being in the trades, I am very confident in my abilities within the industry.  

@Tyler KeslingYou find comps in the market that have traded in the past 6-12 months.

It’s why structures adjacent to vacant parcels due to demolition historically trade at significant discounts (not only because of the issue you’re grappling with but also the risks associated with underpinning and the construction process if and when the adjacent properties are redeveloped).