There are several ways to get the fair market value. The easiest is to get it from the property tax rolls in your area. An appraisal also works and is the preferred method in cases of inheritance. And you can also find sales of property as much like yours as possible in the area where your property is located and use the value of those sales to determine what the market value of your property is.
Your basis calculation using @JamesG1 's figures is correct.
Depreciation continues on your half of the property and depreciation is reset on his half of the property. So, if you are going to continue to rent the property, you should create a second asset for his half of the property and start depreciation from the beginning on his half while continuing to depreciate your half on the current depreciation schedule.
If you're going to sell it then you get to cut the accumulated depreciation in half and you will only have to recapture that portion.
@Missy008
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