We are located in Charlotte, NC, and here is some back story to help encourage professional opinions.As of right now My wife is a full time student at UNCC scheduled to graduate in December of this year (Woohoo!!)

I am not a tax professional but I believe the tax basis automatically gets adjusted upon a transfer due to death when the property is transferred from a parent to a child. 

I have tried to be reasonable and stayed completely professional in all are conversations.

@James Webb The only way you could reduce that income is if it was truly passive income or you are classified as a real estate professional.

Not only does our professional insurance go up but so will yours, by a lot.

A buyer can also cancel during the inspection period.As always, seek professional advice.

get a real estate license.. and then have them sign a buyers brokers contract or the seller would probably be most happy to pay you a fee as a licensed professional.

Hacking your first property and then maybe a second one a year later will change the financial trajectory of your entire life, even if you don't do anything further after that.Welcome to BP and to Milwaukee! 

WIthout prior experience flipping, what are the best ways to estImate and strategize how much rehab wIll cost up front (resources, professIonals, etc?)?

Good mornin' folks,I am currently a financial planner in the DFW area researching the financial needs of real estate professionals.