Newbie in Birmingham seeking feedback

[Matthew King]

Hi all, I've recently come into a situation where I am POA, caregiver, and sole heir of a very elderly grandparent. It is a sizable estate with much of it in retirement accounts and the house being owned free and clear. Long story short the income doesn't cover the expenses of home care and we are bleeding money. To offset cost I was thinking about using some of our assets to buy income producing properties. Home equity, all cash, traditional finance are all options I'm open to.

I was thinking about paying all cash for a condo that needs updating but is in a great neighborhood. I would make the right improvements and charge as much rent as possible. Minus taxes, hoa, and insurance would be profit. Would this be a good start?

Next step would be to use the equity in that property to buy another. Rinse and repeat. 

Any thoughts or suggestions are greatly appreciated.