Newbie - Buying out Siblings OOS for Potential Rental Property

[Gabriel Novotny]

Newbie here!  First off, just want to say what an amazing learning adventure it has been over the past few months for me on BP.  From listening to the podcasts, forums, etc, I immediately signed PRO!  I have been wanting to invest in Real Estate for years, and I think I may have found my first deal.

Okay, so I have a unique opportunity (I think) and I haven't really been able to find any forums/podcasts that delineate buying out siblings and turning that SFH into a rental property from OOS (I reside in The Woodlands, TX (suburb of Houston); potential rental in run down Warren, OH).

This would be my first DEAL, but this deal is actually what got me looking for more information (hence, BP).  My Father passed away a few years back, and left all 5 kids an equal stake into the paid off home (20% per sib).  Through high level discussion, I may be able to buy their stake of the house and transfer solely to myself.  Caveat is I dont have all the cash on hand to buy them out, so would need to buy the siblings out per a loan.  There may need to be some renovations done, but my brother would property manage for me (at a reduced cost).  

I grew up in this town so I know the good and bad parts - this property is closer to a C level property.  But with the 20% stake I already have, it would cost me no out of pocket cash to have this property.  

I would appreciate any feedback on if anyone has structured this type of deal, or suggestions on forums or podcasts I may have missed.  I have a good understanding of the Warren, OH area (homes are very economical, but not a growth area) if anyone wants some feedback as well.

Thank you and have a great day!

GN

"consistency is a superpower"
  

[Robert Arquilla]

Gabriel,

That’s great. I grew up in champion, bought a house in Warren then 2 years ago moved to Cortland. 

My mother in law is actually a real estate agent who deals with relocation clients from out of state and also has worked with out of state investors so I think she would be perfect. I’ll send you her Info in a pm.