Renovate or Sell (Woodbridge, VA)

[Peter Aram]

Hello everyone, my situation is a little weird but I would appreciate if anyone has any advice on what I should do. 

I'm 26 yrs old and living in my parents house (3 bed, 2 bath, ~1300sq ft) in a relatively low cost area for NOVA (Woodbridge VA). However, 2 years ago they moved back to our original country and left me and another family member the house to pay rent. It all sounds like a good deal but the house is honestly in shambles. We have no AC and the majority of the house needs renovating (I'm talking about whole rooms lol it's that bad). Honestly, it is overwhelming for me since the house wasn't in the best shape when we bought it and my family didn't keep up with repairs/renovating throughout the years.

However, we do have around ~150k in equity which can be used for renovation and aftewards renting it out. I don't want to remain in this house but my parents would like to keep it, just to have some equity in the US. I told them that we can also look to selling this and moving to another house if all they are looking for is equity and they are open to doing that. 

I just want to make the best decision since I don't know much about real estate and would like to explore as many options as possible. Please ask any questions and I'd be happy to give answers.