Ok, this is the worst way to get a property since it results from a death. Once you put the emotional side of it away, NYC is not a bad place to inherit real estate. The article involves a house but since this is NYC, one could easily inherit an apartment. But, what do you do? Assuming it is not a shell or burned out, why not rent it out? At the minimum, you need to get it appraised since in an inheritance you have the stepped up basis. Next, I would think about putting it in an llc for asset protection and privacy. Finally, I think you just have to think it out and not rush into anything.