Advice on dealing with inherited out of state property

[Robert Campbell]

The home is a very solid brick structure sitting on just over two and a half acres in a very very desirable area of North Carolina outside of Charlotte. The home needs to be updated in the usual areas... Kitchen, baths, flooring, replacing wallpaper, Etc.

I can buy out the other beneficiaries interest for just over $100k. With approximately $50k of high-end updates, the property can be sold in the mid $200s.

While from a dollar perspective, it definitely makes sense. My question is how practical is it to do something of that nature from a distance?

As a final question, would you convert a fully dressed out man cave with huge fireplace, full wet bar, half bath, closet, private entrance measuring 500 square feet into a mother-in-law Studio? The idea would be to add the kitchen and convert the half bath into a full bath.

To give you an idea of my experience level, I own and manage rental properties in Pensacola. I'm very used to dealing with contractors but obviously, in my immediate vicinity. I have no contacts for contractors in the area where the home is located.

Any help is greatly appreciated. Thanks in advance.

[Nathan Gesner]

Personal opinion: sell it.

If you buy out the others and put $50,000 into it, you can sell it for a $100,000 profit. But what if you're wrong? What if the contractor cheats you? What if the market turns south and you can't sell or it sells below your estimated price?

Unless you have an established team to handle it for you, I wouldn't take on that big or a project. I would sell it, split the proceeds with the other beneficiaries, and use the funds for something local that you know and control.