Turnkey property and Bad inspection

[Dreama Rice]

Hi everyone. My husband and I are new investors with 1 inherited property. We started listening to podcasts and decided to go down the path of financial freedom through real estate. We plan on investing about 15-20 grand into the inherited home because it has not been updated in over 20 years and the property was smoked in. Any advice or suggestion on removing smoke smell in properties?

We are currently under contract for another home which we plan to rent. We just got the inspection back and there were some concerns on the report. The siding is asbestos siding (they painted or "sealed" it), there is moisture and some water damage in the crawl space, and an old termite infestation. We are so new at this we are unsure if these should be deal-breakers or if we should proceed and have them fix all the issues. The property is supposed to be "turn key" but these issues suggest different. What are your experiences with asbestos siding and water damage in the crawl space?

We are also considering selling our single family primary residence (in a great location) to purchase a Duplex and house hack. We bought the home about 2.5 years ago and have about 75K in equity to use as a downpayment. We have a small child so any advice or testimonials would be greatly appreciated. We wish we could afford to keep our existing home but don't think it's doable from a finance perspective.