Just inherited home, want to turn in to a rental property

[Justin Husband]

We just took over in-laws home after her death. It’s an older home in a very high demand neighborhood but needs a lot of work and don’t know where to start. Will have to pay sibling half of the appraisal and overwhelmed with the work needed.

[Harry Gamble]

@Justin Husband

By no means exhaustive, just a few thoughts....

some pros to selling:

-since the property appears to have transferred at death, you may benefit from a stepped up tax basis if you sell (consult tax expert),

-strong sellers market now

- hard to find good builders now in many places

- avoidance of building and renting headaches

- some pros to fix and flip:

Can be satisfying to see the house turn around, although not worth the headaches for many

Maybe better profit if you do it right and get the profit a flipper might make too

Some pros to fix and rent:

As previous poster noted, if it cash flows well you have long term cash flow.