I might be best to either buy out your siblings or set the % ownership based upon the current as-is value of the property less the City liens. 

I think all three are high quality operators based on my experience with them thus far.One of the important points that many people miss when they first learn about syndications, as @Matt A. mentioned is liquidly. 

It will take you some time to retrain them, but if you come in professionally and make it clear that there is a new owner, that will help.if the property is a good deal based on all of the metrics, then it is a good deal.

I believe there is an exception ... if the inherited property is used as the new owner's primary residence, then the property's assessed value is not reassessed and the new owner can continue paying property taxes based on the previous value.

You need to find a real estate attorney to help you navigate transfer the deed to your name and maintaining the old tax base. 

Detroit's appreciation is more based off the low barrier to entry than the industry growth.

I know commercial properties are valued based on the income.

If you look at a 2-4 unit at that price range it should cash flow based on the multiple doors.If you are going to spend above $300K you need to look in different amenity areas which offer a good VRBO -STR style rent to cash flow.

Based on my experience managing thousands of properties over the past 20 years, chances are against you; it's unlikely that you will have to file a claim or that the claim will be so small that you won't need your insurance. 

Hi Olufunke,It seems like you are based in Texas?