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.

But cracked driveway and garage floor needs immediate attention, cost 10k.

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.

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.