A coworker of mine is in a good spot. What should she do?

[Joe M.]

A coworker of mine was telling me a distant relative is planning on leaving a 6 unit student housing apartment to her when he passes. The unit is a bit outdated and in a good spot of city/campus. The apartment is about 2 hours away so rather not try to manage this by herself. She also mentioned with it being student housing, she rather put this in a LLC to protect herself from any shenanigans.

So...now here is the question for you BP. What steps would you take over this property if given this? The way that I see it, there are 3 things to consider, rehab (if she chooses to), LLC, and management. If you were in her shoes, what would you do and how would you view these things.

She says thanks for any help or insight lol
 

[Frank Hinck]

@Joe M.

Find a local property manager who can tell her what the local rents are and how far under market they are now, what interior finishes other units have (a contractor to tell her what those improvements will cost), and what they would lease for after repair. Hopefully the PM can also forecast an ARV for the building.