My father recently decided that being a landlord is not for him. He has a single property out of state that he has decided to gift to me.
The property has an ARV of approximately 180k and has a mortgage on it of approximately 118k. I'm considering 2 options:
1. Relocating my family to this lower cost of living area and continuing my current job. We would do a live in BRRRR. Taking advantage of lower interest rates for primary residents and lowering our housing expenses by approximately $800 per month.
2. Financing the needed repairs out of pocket and staying in our current location. This would net us approximately $150 per month but would allow us to stay in an area that my wife and kids really love.