Thanks for the info and keep us updated on your awesome progress.

The majority of the time the return the IRS prepares and assesses a tax that is much greater than actually due.

No tax liability would be assessed to either the donor or donee (you or your father).As long as your Father's total estate is below the exemption amount there should not be any Federal gift/estate tax. 

Non-condos are safer for landlord's, in my opinion.THE BASIC ELIGIBILITY GUIDELINES for FHA CONDO APPROVAL 2016 Percentage Requirements Commercial Space – No more than 50% of property can be used as commercial spaceDelinquent Dues: No more than 15% of units can be arrear in their assessments more than 60 daysAny investor/entity (single or multiple owner entities) may own up to 50% of the total units IF at least 50% of the total units in the complex are owner occupied as principal residences.

I do noe have a bunch of experience but I have gained progress in real estate because that was what my business degree was emphasized in real estate eventhough I never did that full time.  

I can go on about some more details on this specific property, but for the purpose of this post I am going to end the details there.Perhaps some of you can assess my situation and let me know what you think.

This will not be updated typically until a new tax assessment is done.

I personally wouldn't care how much they put in for the rehab, I would look at location, tax assessment, sales history, rent rate, comps, then run the numbers and offer what makes sense to me and what fits into my strategy. 

Assessed Value: This gives me the assessed value of the houses I am looking to purchase.

If the current owner has awful tenants and a property in disarray, who knows if he has skimped on routine maintenance, leading to a lot of deferred maintenance (which you need to underwrite into your financial modeling).Keep this thread informed as to your progress!