Best Way to Approach My Grandmother's property

[Amir A.]

My father was quit deeded my grandmother's property after her death by my aunt when the property was thought to be on the way to be taken by the bank for outstanding loans. Long story short, the bank wrote off the loan. My dad has this property but it is in disarray. It has liens for the city demo of the house and cleaning of the yard. It would take $25k in total to clear the liens. The land is zoned for 4 lots. 

I would really like to make this my first investment in real estate as I see it as the most low-cost and less risky opportunity to get in. However, I'm unsure of how to move forward considering that I have 3 other siblings that would be tied to this property if anything happens to my father. I'm the only one in my family that is financially capable of doing the things needed to get the property right. I'm lost on where to start with this and really need help identifying the best possible way forward. Thanks in advance!

[Carlos A.]

Quote from @Amir A.:

Quote from @Carlos A.:

Quote from @Amir A.:

My father was quit deeded my grandmother's property after her death by my aunt when the property was thought to be on the way to be taken by the bank for outstanding loans. Long story short, the bank wrote off the loan. My dad has this property but it is in disarray. It has liens for the city demo of the house and cleaning of the yard. It would take $25k in total to clear the liens. The land is zoned for 4 lots. 

I would really like to make this my first investment in real estate as I see it as the most low-cost and less risky opportunity to get in. However, I'm unsure of how to move forward considering that I have 3 other siblings that would be tied to this property if anything happens to my father. I'm the only one in my family that is financially capable of doing the things needed to get the property right. I'm lost on where to start with this and really need help identifying the best possible way forward. Thanks in advance!

Hello! Sorry to hear about your loss, my condolences. 
In your position, maybe starting by communicating your ideas to the 3 siblings tied to the property would be a good place to start? Being able to have an investment property is great, but at the risk of potentially causing a rift in the family?? Something to think about. Being clear to everyone might help guide you as to what the next move might be as well. 

 Thanks Carlos! My grandmother actually passed in 2009. Thats how long this property has had issues. We forced the city to do the demo and yard cleaning because we could not come together to get things done. I'll definitely talk to my siblings because I would not want to harm them in any way or hurt our relationship. I was thinking of having the home put into a trust with our names on it. However, I would want a higher percentage ownership for paying off the lies and covering the costs to get the property up to par to go to the bank. What are your thoughts?

 That is a good way to go about it. Seems fair. From there you could divide up the lots and build 4 new homes, or just build mutlifamily properties or a million different options. Even though you are going to be the majority owner, remember that things can get a little wonky in business, and make no mistake, if you have 3 other "partners" in this deal, it is bound to happen at some point. Being transparent about everything will help keep expectations manageable for everyone.