My cousin inherited a rental unit in Alsip, IL.

Sale price: $599,000offered and contracted price: $599,000 and 2% closing credit from the sellerAppraised price: $599,000Down payment: 25%, interest rate locked at 5%, conventional 30yr mortgagerental income=$1,300 per unit per month, $5200 total per monthmortgage, tax and insurance payment: $2,900/mnth Three inherited section 8 tenants on month-to-month lease, one vacant apartmentUtilities other than water paid by tenants Immediate repairs will cost $10K, including preparing the vacant unit for rent.

I am inheriting tenants in a property I have under contract as well.  

I inherited a piece of property in GA that had 2 mobile homes on them.  

Your heirs will use your basis if gifted, but a stepped up basis if inherited.

A lot of this depends on what financing options for this type of deal and the payments..... also I plan on talking with the seller and negotiating a lower price and possible owner financing......which may put me in a position to be the landlord of all of her other inherited properties that she doesn't want (some 60 acres 50+ dwellings house/mobile homes) but with a larger price....that's why I think she may go with the owner financing.....Options 2 and 3 will be reoccurring events once titles are clear.  

This is the first time I am inheriting tenants and want to make sure I am thinking of everything before we close this Wednesday.I need from him:-Security Deposit for existing tenants-Current Leases-Estoppel Agreements-Keys for all units and building-Warranties for appliancesDoes anyone have a list of stuff to ask for?

I got a call from my dad saying that I would be getting a rather large inheritance after my late  grandmother, Natalie, passed away, and he thought I should spend it on Real Estate.

We will be living in one unit for a year, and inheriting two tenants who are MTM.

First, my case study for context:I followed up with a seller today who is inheriting a house with a best use of tear down and build 2.