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If your friend gives you all his property now there is no tax for you. He will need to report those gifts on form 709. A person can only give up to $14000 to any one person in a year. If they give more than that they have to report under Gift Tax rules. He also has a lifetime allowance ($5.45 mil) so as long as he has not given away more than that he will not have tax to pay.
You would be taxed on any income you receive from those properties (you sale them or use them for rental).
You would not lose your homestead exemption on your main home.
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