Inheriting Rental Property in Need of Major Repairs

[Daniel Chavez]

Hello everyone,

My dad wants to give me his rental property, a pretty nice 3/1 in West Miami. I’ve been wanting to invest in real estate for a while so I think this would be a great opportunity. My concern is that the house is in need of major repairs. The house does not qualify for windstorm insurance because the roof has major termite damage and needs to be replaced (including the trusses). The current windows are also not up to code and need to be replaced. Cosmetically, the house is fine. The kitchen has been completely upgraded and so have the bathrooms. I’m not sure if this a good idea? I’ve also looked into selling the property but buyers wouldn’t be able to get a mortgage since the roof is in disrepair. I’m just not sure what to do. Thanks in advance.