Should I buy out siblings?

[Wayne Brown]

Due to the passing of a family member my 2 siblings and I were left with a home. The home has been renting in a not so great area for $1100 a month. Recently appraised for $65,000. I am interested in buying my siblings out for 42K. They're completely open to the sell. Is this a no brainer purchase? No loans necessary to make this purchase I can use available cash on hand. I'm planning to make many more rental property investments in the future and I'm thinking it makes sense for this to be my first. Thoughts? Thanks!

[Adam Gollatz]

@Wayne Brown welcome. Sorry to hear about the passing. 

You say its renting in a not so great area (appraised for 65k and 1100 rent seem to confirm this), which makes me think that long term you dont want to invest in areas like that. 

If thats true and there is no conflict with the family keeping it, I would just hold it for the time being. Get a feel for what its like to be a landlord. Its probably not going to appreciate much, and if it does and you bought your family out now, it could be a point of contention. If they get tired of it, I would probably sell it and get my portion of the equity out to invest in real estate that fits my REI strategy.