@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.

Structural issues can be costly, and usually require a structural engineer to be involved in some capacity.Don't bite off more than you can chew on your first deal. 

There are lots of risks involved in this.

I am looking to get involved in a REIA, somewhere near Buckhead where I will be living.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

As for underwater, never fully trust info from third party sites.

Roof leaks: Bad roofing job and poor flashingIce damns: Poor insulation/ventilationThere are other reasons for mold in a house, but the most important part is to get rid of it permanently.

I am pretty new to REI but am very anxious to get involved.

I'm currently involved in my first syndicated deal, and my advice is to just talk to people about what you are doing and what you are looking for.