Really, REALLY bad idea. My only saving grace in inheriting rental property I just sold was the step-up in basis which gave me minimal gains, but after a LOT of depreciation recapture and passive losses. If I had to deal with a cost basis from 1982 I'd be wiped out.
And as an aside, becoming a landlord because someone else wanted to be a landlord isn't all roses if the recipient isn't interested in the job. Things happen, of course... but it's a lot easier to inherit a trust or IRA or even family home than someone's investment property. In addition to talking to a financial planner and/or learning about the effect of step-up in basis, have a talk with your daughter about her wishes as well so everyone can make a well-informed decision.
