It is less of a life or death situation if you can purchase a home for 100k compared to dropping your life savings into an expensive property when you are on the first deal, which is essentially a test run.

Even if there is never a problem with the property there can be problems from death, illness, divorce, law suits from other parties, unemployment, credit issues for refinancing...John Corey

Is your MIL on her death bed, that you say "about to inherit"?

The part about 1031 exchanges and "step up" in basis upon death is correct.

Death, incapacitation, spouses, and children are others.And, yes, you will disagree on the smallest issues.

You inherit it upon their death.

This is permitted because the value of the property is included in the estate computation for estate tax purposes, so it's cost basis is therefore stepped up to the fair market value at the date of death.

They may just have some sort of interest that kicks in upon the death of someone else.

Not many people have been put in a position to possibly lose everything, or life/death situations, or see the world outside of the US.

Perhaps the only real way to do it is to sell it to a parent who then wills it back at death To gain the step up in basis?