Inherited house: Sell or Buy Out Sibling & Rent?

[David Cook]

Hey Everyone, 

My 2 siblings and I recently inherited my parent's lake house when my father recently passed away.  It's incredibly tough to find lakefront property in the area right now.  We had initially all mutually decided to sell, but now I'm thinking of buying out the 1 sister who wants nothing to do with it, and owning/renting it with the other sister.  After maintenance and property management fees (too far away to handle ourselves), rentals will bring in $50K to $75K a year net to divide evenly between my sister and I.  The market here is insane, so hard to tell what it would sell for... but $700k on the low end and $900k on the top end is real.   So the question is...do I take my 3rd of the sale ($220k - $282K after agent fees) and move on or buy out my one sister and go through the process of figuring out a fair price in this fast, bidding war market?  I would also like to spend time here now and again with my family, but could do that somewhere else with the cash from the sale.