Advise on SFR in Lake Tahoe, CA

[Devon Olsen]

Good afternoon all!

I am currently in a situation where my mother has a single family residence in Lake Tahoe, CA that she is having to get equity out of. It's a home that I am wanting to keep in the family for the foreseeable future. My goal is to make this home a rental since she is wanting to leave the basin and I am currently living in Southern California. I am trying to get some opinions and suggestions if she should outright sell it to me or if there are other options where she can get some cash out of it. She currently owes $380k, and the property is worth at least $650k, she is hoping to walk with $200k (if the home goes to me). It probably needs ~$20,000 in repairs and upgrades. I'm curious if anyone has had a situation like this and where you recommend I start. This would be my first investment property, and although I'm really wanting to get into multi-family I figured this would be a great starting point.  

Thank you