gifting property with least tax ramifications?

What is the name of your state? California.

My in-laws have an apartment complex they want to give to my wife and I, but sooner rather than later. The place is worth about $1.5 million. The goal is for them to give it to us such that we have total control of the asset as soon as possible so my wife and I can leverage the equity (it is fully paid for) to buy more property or do a 1031 exchange. What is the best way to make the transfer so that we control the asset with the least tax ramifications for everybody? What are our options? Any advice would be appreciated. Thanks.

The best option is for them to put it into some sort of revocable trust so you get a step up in basis when they pass away. Otherwise, your basis is their adjusted basis (what they paid less depreciation), which is likely near $0. Gather all the number & go find a sharp estate planner for specific advice. There's lots at stake, & you need something more tailored than generic, free advice.

You might be able to do some sort of trust where you get control but the step in basis happens anyway......