He could then gift or pay you separately from the proceeds around $19k per year, which may be more tax-efficient overall.But that does not get you all the proceeds of course - the only other way I can think about it is for you to 1031 it into another piece of real estate if that would work. 

Conversation starter, learn about your customers, and you wouldn't believe how many problems you can solve with a $50-$100 gift card from their favorite place. 

Your parents could sell you the home at a discounted price, applying the gift of equity to reduce your loan-to-value ratio.

One alternative I’ve considered is having the home transferred to me as a gift.

I know this offends those that think these percentage rules are Gods gift to REI. 

My father is gifting us this land for free so i felt like it was a good opportunity. 

Not as a gift and not voluntarily... so it's worth further research.

After reading the thread, I'm still confused if this transferred in 2006, or date of death. if it was transferred in 2006, what was the value of the gift.

The amount of equity my parents gifted me 3.

What You’ll WinEveryone who submits 7 completed deal analyses will be entered into a random drawing to win:1-Year BiggerPockets Pro MembershipFree General Admission Ticket to BPCon 2025$100 Gift Card to BP BookstoreThis is your chance to get serious reps analyzing deals, sharpen your investment criteria, and maybe even uncover your next great opportunity.Let’s see what you’ve got.