Possibly much less than you expect. Your basis generally steps up to the value on the date of death, so gain that built up before then can drop out. Appreciation since then is taxable, as is recapture on depreciation you have taken since inheriting.

It can. Since February 16, 2021, the parent-to-child exclusion from reassessment covers only a family home or family farm, under conditions, and not a rental. An inherited rental can be reassessed to current market value, which can sharply raise the annual bill.

To fully defer, your replacement generally has to carry debt equal to or greater than the debt you paid off, and you have to reinvest all your equity. If you trade down on debt, the shortfall is called mortgage boot, and it is taxable even though you received no cash for it.