First post, question about possible opportunity

[Alain Martinez]

Hello BP members, first post here but been listening to the YouTube channel for a few weeks now and I'm pumped.  I have a very specific deal/idea in mind that I would love for you experts out there to poke some holes through it and tell me if I'm right or wrong.  

My wife and her two siblings inherited a house from her parents worth about 480K, it's in a trust now I believe, one of the siblings lives in the house currently. I'm suggesting to my wife that her and her sister (currently living in the house) get a HELOC against the value of the house and to do some BRRRR deals with that money instead of just selling that house which will probably take some time the way the market is behaving in Miami already. According to the trust, when the house is sold the proceeds have to be split up 4 ways. This way way the play money amount is larger (assuming 70% of value) vs the proceeds split 4 ways.

What do you all think of that strategy?  Am I off? Am I on the right path here? Your input is greatly appreciated.  

p.s., the 3rd sibling will probably not want to be part of the BRRRR process

Thanks in advance for your time. 

Alain