<prompt> Human: Hi! So. Yeah. I found out my grandparents put me on the title and Im set to inherit it when they find their ancestors, so to speak. Thats in roughly 20ish years, but because apparently this is a HUGE deal because its a very old apartment in a very envied area. Should I know anything beforehand, like if Ill need a property manager or any of that?My idea is to just rent it. But I dont know if I can do that since I might own it. And yes,Ive been told we literally own it, and nd my understanding is that they just pay the property tax and upkeep utilities. What should I know before I tackle this, cuz I know that itll fall into my hands a little earlier than expected as one may get severe dementia and the other is doing his own thing. He recently sold his super expensive apartment near inwood park, overlooking the river, bridge, etc and is going to live off that till he skids into his grave out of breath. Im asking nOW in case there are things to keep in mind. I wont be doing anything with this information as I need to focus on graduating and so around my 3040s is when Ill seriously look into what I should do. The problem is that I do not want to ever live in new york because I have done it before and it was a bad experience all around. Itll continue to be a bad experience if I decide to go back, so Im not sure I can be an away landlord. IF i decide to rent, Ill hire all the folks needed to where I could be like a silent party if possible. IF i sell, Ill just be paying debts the family has that would follow me and then reinvest whats left. Please understand this is a little overwhelming because I just found out, and my years definitely show. EDIT: I dont live in new york and I dont plan on living there again. Did it before, just wasnt for me. Second Edit: Lots of assumptions that Im a spoiled rich kid. I moved far away from toxic family and I live on very little think 500mo. I see this as a burden because of family history on my moms side. Forgive me, as Ive come across as this bitchy, entitled girl. I wouldve rather lived my life with little contact from that side of the family as possible and not be tied to them financially, as one family member already allegedly mucked up my credit before I was even 18. Heck, theres been murmers Id be married soon. As a gal I didnt really have a chance to do what I wanted had I stayed. And finally, I should clarify. Extended family and my mom are poor 40,000year or less in expensive areas. My dad has no part in this, and hes doing well for himself, but mom and pop have divorced and pop is taking care of his daughter and his wife. Specifically, Im dealing with my rich grandparents but everyone else has no lawyers or whatnot. Final edit: I got tons of good advice! Mostly to chill out and to quit being a pessimist about inherting possibly a good thing- just have to go through the muck for a while. So What im gonna do is just wait a couple years Graduate college and then get specific information about everything about the apartment. From there, I speak to a lawer and then possible a real estate agent. If my aunt continues to live there, Ill tell her Ill assume responsibilities for the place say around 2728 if she wants to so that she can focus on her family since I am currently a childless lady. Ill not live in it ever, and my grandmother may want to be in it 6mos out of the year, but I can still sublease at least one bedroom or whatnot. Ill cross that bridge when I get it. thanks a lot rpf! Thanks! Assistant: I found out my grandparents put me on the titleShit! Penny smart and pound stupid. They likely just dropped a possibly substantial tax bill on you when they could have given you the property with zero tax liability. Make sure you have clear title. It wouldnt hurt to speak with a title insurance company to ensure you can convey clear title. Then sell the property so you can pay the property tax bill and so youre not a distance landlord.Human: Frick. See, this is the kinda stuff I needed to know. And while Id hate to see it go, I am literally never going to live in new york again. So once I inherit it, am I going to get like a massive fee? Assistant: Probably. Youre going to owe long term capital gains taxes probably, depends on when you were added to the title on the fair market valie difference between when you were added to the title and when they died. If that was 15 years, you could easily owe 50,000. Dont get me wrong, youll still make a fortune but this is a shining example of why DIY estate planning doesnt work.Human: !! I dont want it : Ill grab as much details as possible and then save up money for a lawyer. Im very glad I posted, if I had let this go this woulda been a nasty surprise after Id just finished raising my kidswhatever else Ill be doing at 40. Also apparently this was done as a baby present when I turned 1.  <response>: Youll make that money back in less than 5 months. Maybe only 2-3. You want to keep this. 