I am new to the real estate investment business, and I inherited 3 properties that are currently in my wife, and I trust. 

How are you going to refinance before the grace period is up.In the past, when I read people on BP or hear stories of people using credit cards for real estate and then share their story of how they defaulted or went bankrupt, my response is usually not very polite and it is somewhere along the lines of "oh really, would have never expected that to happen", and it goes on the list between rubbing a polar bears belly and getting mauled and sending $1M to my nigerian cousin in order to collect my inheritance and not getting anything back.

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

Also, does inherited rental property held for less than 1 year still qualify under 1231?

One of the tenants, which was inherited by the previous owner, has been paying rent late consistently (for the past 4 months) and by late I mean at the end of the month (rent is due on the 1st).

It could also be an inheritance Mike

Wife had no intention of selling the rental house as it is an investment to supplement retirement, eventually being her childs inheritance.  6.

Or adult kids inherited a property and don't want to deal with it and sell As-Is either with an agent, wholesaler or direct buyer. #3 There's also Subject To where you assume the seller's mortgage.

I inherited my grandmother's home 15 years ago.

So I inherited a house from a family that passed away a few months ago.