Unless you elect s-corp tax treatment.  

Generally, inherited property’s depreciable basis is its FMV at the date of the death or at the alternate valuation date, is elected. 

My plans for the inherited house is to fix some things in it and then rent it out although I am open to alternative strategies. 

The tree farm sounds like a peaceful alternative to the hustle and bustle of a corporate environment.

Have you found South Carolina's property tax set rates and it's treatment of homes without a homestead exemption to be a hinderance to finding properties that cash flow?

Our main concentration is currently Southeast Michigan, primarily due to the enormous success our investors have had in this highly demanded rental region.I am always looking to find new and alternative routes to buy/sell our product, along with products that we may market to our current clientele.

So if anyone can provide an alternative perspective to that, I'd appreciate it.My plan is to diversify my portfolio across the US and different properties from single family to multi-family residents (2-4) - for now.

I would only go this route if required under legislation.You could even specify a different treatment for tenants who are frequently late (i.e. 2, or more, times in a year) and have the late fee assessed on the 2nd.When we assess a late fee, it is due with the overdue balance of rent.If it is written into the lease, there is no need to send a letter ... though you might send the tenant an email reminding them they now owe a late fee in addition to their rental arrears.We also have a hard-stop where we issue a Notice to Vacate: For tenants who are late paying rent for the first time we will wait until the 7th.  

Alternatively, you could use google docs(also free).OR you could even use Libre Office.

Go with a easily replaceable hardwood alternative for flooring