Inherited home with structural damage

[Zachary Morgan]

Looking for some insight.

My mother lives in a home built by my great grandparents, she is getting older and cannot afford repairs. There is nothing owed on the home, and she has offered to put the title in my name. I’d like to fix it up to rent or flip.

Some background on the home: it is in Louisiana and is on piers. The home has a broken seal, the original wood floor has started to buckle, and there is asbestos siding on part of the home.

Just wondering what would be a starting point here, our plan is to get it inspected but other than that we are lacking experience/direction. My main concern is that the cost of repairs would be more than the home is worth. Any advice or tips would be greatly appreciated.

[John Teachout]

Step one: find out what the home would be worth in good condition.
Step two: find out what it would cost to fix the home.
Step three: decide if it's worth fixing.