Need Advice - Sell or rent?

[Ben Grubb]

my 2 brothers and I have inherited a condo in Scottsdale. Before mom passed there was a fire and gutted the entire condo, so insurance will basically give us a brand new condo from the studs out. My brothers want out, so I'm trying to decide do we sell or should I buy them out and rent it. here are the numbers: Comp just sold in early Feb for $205K - after renovation I assume $215K, which leaves us with about $103K in equity. I can rent for $1400 per month (top end), $200/mo for HOA and $150/mo for prop management. Insurance and taxes are pretty minimal around $500 total. Given the condo will be brand new, I assume the maintenance will be negligible for several years. My simple math is $1400 rent - $200 HOA - $150 Prop Mgmt - $70 vacancy (5%) - $50 maint - $40 taxes/ins. = $890 /mo before financing. Standard financing of 75% ($161K) and I'm left with about $120 /mo. Other financing option is a HELOC on my personal residence at 2.24% for $200K for a similar monthly payment but use $39K of the banks money - but rate is variable based on prime. I guess a third financing option would be to do self directed IRA for about $100K and get a mortgage for the balance. If we sell outright we can turn it probably in a few days and walk away with $35K each. What to do and what am I not thinking of? I don't own any investment property yet so this would be the first if I decide to keep it