My family is inheriting a house!

[Ethan Garrett]

My family will be inheriting a house that sits on a 1.8 acre lot. The house we are currently living in is valued at approximately $200,000.

The house we are inheriting is older, and would need a significant remodeling.

My question is what would be the best decision:

Sell current home scrape off old house and rebuild a new one.

Live in the older house on the 1.8 acres and remodel over time while renting out our current home for about $1,800 a month.

Sell the old house, build another house on the 1.8 acres and rent out the older property.

Etc.

We’re not quite sure what to do any advice would be greatly appreciated!