Now kids inherit they sell it right away at the stepped up basis and parents usually had next to zero basis Your answer "once the tired out old landlord sells to your NYU prof capital gains is established ..." is absolutely WRONG.

Give us the answers to the questions that @Michael Plante asked and we could better help. 

I tired using USPS but it seems most reps dont know how to answer my questions properly.

He does give good and appropriate answers.

There is a phone number for the assumption department, but no one ever answers the phone or responds to voicemails.

Of course the final answer would come from a court but this happens frequently and can easily be avoided.

To answer your question of that owner financing the short answer is "yes". 

If I can help you out in your search for investment properties/answer any questions you may have, lets connect and discuss further. 

Just wondering if anyone can help answer this question.

I called today during their business hours at 11am and no one answered.