Help! Probate... VA loan.... ?

[Belinda Fello]

Hi guys, I have a complicated situation and hoping I can have some guidance/opinion. I am in the middle of probate for my brothers home. Long story short, I recently discovered my brothers home was in foreclosure and had been told by my family that it was taken by the bank years ago. I am new to real estate and was pretty young when all of this happened. I have two options as the late fees have accrued to 58k, The mortgage itself has 165k left with a 4.75%. The house is a condo in Las Vegas. It is gated and is next to a park, school the police academy, gas station freeway and neighborhood wal-mart. I had talked with a bank and my attorney and discovered there is about 170k in equity and the home is now worth roughly 300k. I am in probate because it is a VA loan and I am not a veteran and he did not leave a trust or will. I am currently in process of applying for mortgage assist so I can bring his mortgage to current, however it will be with new terms and a higher rate. If I go the other route I will have to find ways to find funding to bring up to date. I am not sure which direction to go as I really feel like a short rental may be profitable however assuming the loan may impact me from renting as I was told by a loan officer loan assumptions cannot have renters. Sorry for the long winded unorganized paragraph. I am obviosuly all over the place. Anyway, any opinions or guidance could help Thanks -Belinda