Any input would be greatly appreciated!

[Johnite Ryen Aguirre De Jesus]

Good evening! Both of my parents recently passed away and left me a property in San Diego, California. We are currently in probate, and I'm debating on what to do with the property. the loss of my parents and the gain of the property really gave me a chance to make a life changing experience. It has forced me to educate myself as much as possible in such a short amount of time. I've learned a lot from roaming on biggerpockets and listening to the podcast, among other resources. I feel that this is a great opportunity and blessing that others may not have, so i do not want to screw this up. I reside in Texas, but I have some family that moved into the San Diego property to maintain the mortgage as I move through the probate process. I have been approached by lenders in San Diego whom have made me aware of the refinance option once probate has closed. There is a balance of roughly 320k left on the loan, and the home is valued around 660k-700k. There hasn't been an appraisal ordered as of yet, so that is just based on the comps of the area. I'd like to keep the home, but i know there are several cap ex items that may need to be tended to as my parents did a lot of patchwork to get by. Would refinancing, pulling equity, and using some of the money to "rehab" the home be smart? Is pulling a HELOC an option considering it's a property obtained through probate? if HELOC is an option, would i be able to utilize that to address cap ex items before refinance? Then pull any equity to fund other deals in preferred area? can this be done? if not, any suggestions? My end goal would be to keep the home, all cap ex items upgraded, and rent the home out. But, if there are better options, i would love to hear them! i will be doing more research to see if this plan is actually something attainable or if i'm missing a piece of the process. I just figure that there are so many experienced investors on this network, so it'd be interesting to hear different perspectives. Thank you in advance, and excited to see any responses!