Inherited Home As a Real Estate Investment Launching Point

[Andrew Bullard]

My dad has inherited a home from his parents and wants to create a real estate business together. I am a lawyer by trade but neither of us have any real estate investment experience. I've been researching a few options but would like some further direction on the best use of the property to get started. Below are my initial thoughts: 

1. Rent--perform some basic rehab to get it rent ready and then rent it out; 

2. Sell as is and use the money as seed money for purchasing other properties to rent, BRRRR, or flip;

3. Rehab and sell, then use the money earned as seed money for the next investment. 

I am meeting with a realtor to determine the property value as is and with some rehab. A property manager has indicated it needs $5000-$7500 in rehab costs to get it rent ready but would likely rent for approx. $1600/mo. Comps in the area are in the $150k range. 

Any insigh/direction would be much appreciated. TIA!