We would then be left with the asset that he intended to pass on his kid and grandkids.

To get accurate and up-to-date advice tailored to your situation, it's highly recommended that you consult with a qualified tax professional who can review the specific details of your syndication investment, your financial situation, and the applicable tax rules to provide accurate guidance.

The three most common approaches include:Cost approach: An estimate of the replacement cost less depreciationIncome approach: Calculation of estimated potential rental incomeSales approach: Uses comps of recent transactions on similar propertiesBe sure you are leveraging the tax incentives availableIdentify any applicable tax incentives available for commercial properties - historic tax credits in certain areas, opportunity zones, environmental sustainability, etc.Understand available tax deductions, credits, and rebates - Tax deductions decrease the taxable value of a property, tax credits directly reduce your tax liability dollar for dollar and tax rebates are a refund of taxes paid under certain conditions.Utilize a cost segregation study - Cost segregation allows you to reclassify assets into categories with shorter useful lives, therefore accelerating depreciation and creating tax savings.Leverage energy incentives and deductions - Look into the Section 179D deduction and how you can save on tax by meeting certain standards to make your property more environmentally friendly.Best practices for commercial real estate owners and monitoring their property tax regulations:Plan proactivelyWork with a professional to receive guidance on complex regulationsUtilize specialized software tools to drive efficiency and compliance.What questions do you have regarding property tax valuations?

Scrutinize financial records and forecasts to ensure they align with market trends and property performance.Legal and Compliance Issues: Zoning violations, unresolved legal disputes, or non-compliance with regulations pose significant risks to your investment.

. $50k is tight, but you can probably get in the game for that if the rest of your financial house is in order.

I am also in the process of getting these properties into LLC's to minimize liability since these are now quite hefty assets.

Multiple I've talked to have said that's not a wise plan asset protection wise.

You appear to be approaching this as a commercial multifamily and there is a huge difference in these asset classes, how they are managed and tracked financially.

Planning to buy it now, rent it out for 4-5 years and sell it when its time to buy the bigger house.Do you think its financially wise to go through this process before the big house purchase?

When I was working for banks and did financial planning for customers, we used 3.1% as an assumption.