Moms house in Scottsdale AZ

[Fred Martino]

Hey BP,

I total newbie to the real estate investment world, and my two sisters have inherited our mothers house in Scottsdale, AZ very older neighborhood built in 1966, and is definitely a fixer upper pool is dead and empty, and 4 br 2 bth about 2300 SF.  What do you think is our best option to sell and split the proceeds and eat the capital gains because my mom passed 10 years ago there is going to be some significant gains there. or fix up and rent. or sell and carrier the paper because it is free and clear.  I live in El Paso so tough for me to deal with contractors if we fix it. in it's current condition it would sell for about $550K I suspect the rent could go as high as $2800/mth once the pool is dealt with (filled in).  I'm not sure I want my first step into the Real Estate investment realm to be with my Sisters so any thoughts would be appreciated.  Thanks in advance for your advice.