Just inherited a house and have no clue what to do

[Dylan Ritch]

So I inherited a house from a family that passed away a few months ago. It has no mortgage, pretty good condition, and has so much opportunity. It has 2 bedrooms upstairs and an unfinished 1090 sq ft basement (house itself is 1250 sq ft) No inheritance tax and I’ve been living here now for a few months. I just don’t know what I should do here. It’s such a great opportunity but I’m very new to this world and I want to make the most of the situation but I don’t want to take a lot of risk. My goals in the next few years would be to achieve financial freedom and I know that is possible with the house. Maybe I get the basement finished and move into there while getting tenant(s) for upstairs. Maybe I take out a full home equity loan and just buy another property to rent out/Airbnb. Maybe I take out the home equity and try to flip a home. Maybe I do a bunch of other things. I guess I am here because I feel lost and overwhelmed and want to learn how to make the most of this situation to achieve my goals in a safe way over the next 1-5 years if possible.

[Theresa Harris]

If you are currently living in it, why not finish the basement and then either rent out that space or do as you suggested and you move downstairs and rent the rest of the house out?  Short term rentals are a lot of work, so if you want more freedom, do a long term rental.

Having a house that is paid for goes a long way to financial freedom.