shell property in inner city may be gifted to me.

For me, I'm thinking "OK, I'm gonna gift wrap a deal for this kid, is he going to be able to pull the trigger?"  

There could be some implications with "gifts" or things like that since it's your father, but thats a question for a CPA.You wont need an appraisal since those are typically only required by a bank when you get a loan.The value of the house is whatever you are willing to pay and he is willing to accept. 

In August of 1975 his pet rock was introduced at a gift show and this totally insane ideal exploded to the point that he sold A million rocks for $3.95 apiece in just a few months, and Gary Dahl had become an instant millionaire in just a matter of months, not years, less than 6 months!

when you sit around and don't take RISKS, you RISK destroying what is the ultimate gift - your spirit.there's nothing like seeing a person without hope - it hurts, even when it's a total stranger.

If not, you can carry them forward until you sell.Or, you could treat all the income as income for you and treat the money that goes to your parents as a gift.

@Fausto Carosella   you have a good piece of wood I can whittle you a gavel as a gift to the court, may be they'll go lighter on you  for filing wrongful liens and financing the sale of real estate outside of settlement, you know, like undisclosed costs of acquisition in connection with the sale that cause the settlement of accounting to be incorrect, an unreported basis for federal taxes and, oh, let me see, financing an option out of compliance with the SAFE Act (now incorporated in Dodd Frank)........hey, mind moving that spittoon away from your leg, I'm not a very good shot spit'n'!   

Might speak to your attorney or accountant, if his estate has not been settled, you can forgive the note, as a gift and avoid tax issues, if the amount quaifies under gifting matters.

It was during this time I really found Jesus and realized I was given a gift of perspective from which others might learn from.  

You can receive a "gift" from a family member but not a friend.