Inherited property to rental?

[Joyce C.]

I have the opportunity to buy my siblings out of 2 inherited properties, one of which is my home growing up and the other has been a rental for over 50 years. Both are in a great location. How do I go about obtaining funds for this? The homeplace needs about $100K work done because it's never been updated and well.... was not well cared for the past 15 years due to my mother being ill. 

I have 3 questions:

1) What is the downside of turning the homeplace to a rental and continuing with the other house as a rental?

2) I know I don't have to pay any tax on the inheritance but I'll be hit with cap gains when I go to sell, won't I? I can find a boatload of financial advisors none of which really know anything about investing in real estate. They all want to be liquid. I have always believed "everyone needs a place to live... not everyone 'needs' to own stock". Case in point, the market now.

3) How do I find financing to do this? There are other items inherited so we can haggle a bit but I need reno dollars and some to buy them out.