There is good news and bad news: good news is that there is a stepped-up basis as of the date of the gift of 50 percent of the gift date fair market value of the property as far as you are concerned for capital gains purposes.

@Ugo O.Here is a "general" rule of thumb that I use for my market in Jacksonville FL.

On market, offered 30K below asking and got it How did you finance this deal?

@David MinayaEvery market is different, and every property is different. 

On market, multiple offers so had to pay above asking.

Lots of newbies that have come onto the scene in the last 3-4 years during an extreme bull market, who have never lived through a bear market.

I would add that the current Utah investment market is red hot and it is hard to find good rental units for a decent price.  

I’m locally at the Las Vegas, NV market. 

On Market deal that was sitting for a month.

What markets should I be looking at?