This one is a little more involved, but it keeps everyone's roles and responsibilities clearly defined.

@Lesley Ray you are a little late to the party for those areas.

Code Section 40-10-74 says: If the mortgage or other instrument creating a lien under which a party seeks to redeem is duly recorded at the time of said tax sale, the said party shall, in addition to the time in this title specified, have the right to redeem said real estate sold, or any portion thereof covered by his mortgage or lien, at any time within one year from the date of written notice from the purchaser of his purchase of said lands at tax sale, served upon such party, and notice served upon either the original mortgagees or lienholders or their transferee of record, or their heirs, personal representatives or assigns shall be sufficient notice.

Car, parties. 

In this deal, it sounds like the other party found the deal, is bring the rehab skills and will be making the decisions on what value to add to make the most profit (the experience). 

The commissioner said that I should get an architect involved.

This is exactly what we need, everything is better when government gets involved!

I have been involved with flipping and RE investing for some time but I'm fairly new on BP as well.

@Buddy Holmes Yes, from my understanding, 1/2 of the property would receive a stepped-up basis and the depreciation schedule would restart at the new stepped-up basis, whereas the other 1/2 would remain on the current depreciation schedule.For example, if the FMV of the property on the date of the deceased party passed was $300,000, then the 1/2 inherited would receive a stepped-up basis of $150,000, erasing any previous depreciation.

If they ask what that involves I explain I am a landlord and a house flipper.