His father-in-law owns about 8 rental properties and they all stay full, but I'm not sure of the specs on those homes so I wouldn't be able to use them as a base line for anything. 

I'm looking into purchasing my first rental property from an inheritance left by my father (I feel like he would be cheering me on right now!).

A friend of mine inherited her family home when her father passed.  

They are selling b/c her father passed away so I am trying to do as much research as I can and not put too much on her mom during this time.

(Construction is all being done by myself and my father, who has taught me all that I know) My dad have been a construction painter my entire life working for a hourly wage and is now my business partner!

Father in one unit, sons in another unit and cousins comprising the remaining.

On a side note, my father and mother in law are realtors in Naples.

She won't have a job and claims her father will be paying her rent.

However, if the property held by the trust is considered as property belonging absolutely to the beneficiaries, then any step up in basis would most likely be limited to the father's share of the property.I suspect you need an attorney to review the trust document to make a determination as to whether the son was a co-beneficiary or a contingent beneficiary of the trust.  

Agent (wife), architect (father in Law), GC (Uncle), Hvac & Plumbing (childhood friends).I have light experience in renovating houses.