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. 

[Erickson Sainval]

It all depends on how much work you three are willing to do. If you just want it to end as quickly as possible talk with a CPA or tax professional. Once they provide you with the best tax saving options you can make a decision. When dealing with multiple people, the simple and easy way it to go. You do not want to go into repairs and come to a point where one party stops contributing or wants to sell right away because of an emergency. It is better to sell as is, get your money, pay the taxes, and move on.

I like the Scottsdale area, I'd definitely take a look.