In which case he inherits at the step up in basis and all the deferred tax goes away.2.

See what items you can do for materials by yourself to lessen the hit some.

For additional context, we inherited this tenant in June and aside from the past two months where they paid rent a few days late, they have otherwise always paid on time and have generally been an ideal tenant: quiet, clean, polite, etc. 

Pro: in some state you won’t trigger a reassessment on your property taxes (in some however you will have to disclose the change of ownership)You may also not have any stamp tax as there will be no new deed recordingYou won’t have to pay for a new LLC.The LLC will be more seasoned and may look better for a lender.If you put a trust as member or another anonymous LLC, it will give you great anonymity on the ownership.Con: you inherit all the past liability of the LLC.You inherit also the initial depreciation of the property from the initial buying cost and also the recapture...For all these reasons, I rarely buy an LLC but prefer to deed the property into a new LLC instead.

I had $38K left of the mortgage 6 years ago with 6 years to go which I paid off with an inheritance, otherwise I would have kept the mortgage, and would have paid off this year.

Is there a list of inheritance homes somewhere I can look for?

More than likely though the appraised value of the building will go up & the impact on increasing Cap Rate will lessen.

I inherited some land my father bought 30 plus years ago that I would love to sell ( his plans didn't work out). 

It lessens the risk with the appraisal and saves you a few hundred dollars on commission and taxes.

Add to that leaving a prosperous business for our children and grandchildren to inherit, depending on future inheritance tax regulations, tax free.So to all you who wonder when it is to late to invest, my answer is any age if you are happy with what your financial situation is today and what your retirement years look like as you gaze into the future.