The step-up basis rule applies to inherited property that's includible in the deceased's gross estate, whether or not a federal estate tax return was filed, and it also applies to property inherited from foreign persons, who aren't subject to U.S. estate tax.

I see you found something perhaps applicable in NJ, the OP is in MI, and while there may be state issues, bankruptcy is federal.

IT IS THE BUYER(S) RESPONSIBILITY TO VERIFY FEES ANDASSESSMENTS.SELLER DOES NOT WARRANT THAT THE PROPERTY MEET ANY CURRENT CITY, COUNTY, STATE OR FEDERAL BUILDING CODES.

Depreciation and all actual expenses are subtracted from the total collected rent to arrive at the net taxable profit or loss.

What if the federal government employees are furloughed and one lives in one of your properties?

Primarily law - federal and local.Just the way you communicate with a borrower is regulated.You may also be required by law to have a license.To enhance the success of investing in or participating in real estate finance also requires a more thorough ability to determine realistic real estate value and understand the future value.

The Buyer's Choice Act in 2010 in CA and RESPA provisions (federal) make it illegal to force the buyer to use the seller's choice of escrow and title.

You would only be responsible for the taxable gain earned after 2011.

Characteristics to consider include performing or non performing, commercial or residential, personal guarantee, credit score of borrower or guarantor, loan to value, loan to sale price, seasoning, payment history, area property is located in, financial strength of borrower, cash flow of property, vacancy issues with property, type of tenants, type of property, state foreclosure laws, quality of "paperwork", compliance with applicable Federal, state or local laws, stated interest rate, prepayment penalty, due on sale clause and a thousand other characteristics depending on the individual note.

One of my tenants texted me that he has not received his paycheck yet due to the federal government shut down.