Property Inheritance Between Siblings

[Matt Steele]

Hi All,

I am seeking advice on a vacation property that my siblings and I are about to inherit. The waterfront summer home has been in the family for my entire life. The parcel is a double lot with multiple structures on the premises.

The property needs to be updated, however the location is valuable and the property is fully functional with a lot of potential. Ideally I would like enhance the house to make it livable during the winter since there is a ski mountain a few minutes away. With some love and care the property could be rented out and has the potential to be a cash machine. And of course enjoyed by my family and I!

However, a few of my siblings do not wish to keep the property. I am looking for advice regarding the best way to proceed in "buying out" my siblings. I have discussed this with some friends before. I would appreciate the BP community’s perspective on the best way to approach this.

Regards,

Matt