Advice on a sixplex building in 33125

[Josh Miller]

Hi BP members,

I am new to the forums and looking to learn a lot through this valuable site. I am very passionate about real estate and want to gain as much knowledge as possible. I have been listening to many podcasts and reading books over the past several months. 

I was recently given one third of a six plex building in Miami, FL 33125 along with my other two siblings. The rents are under market value and the current tenants have been living there for many years. There has been many communication problems in the few months we have had ownership of the building such as if we should raise rents, get a property manager, if we should sell, etc. The problem is that I look at this as a great way to start my real estate investment business while they are looking at the income as just some additional income. My questions for the BP members is what would your advise be if you were in my situation?

I believe the property has great potential but it is just under market rents and with my siblings not seeing this potential and are not willing to get more educated in real estate Im not sure if I should have them buy me out.

The numbers of the building are:

(No Mortgage)

Value:$800,000

Rent: $4150

Cash Flow: $2217

Rent/Value Ratio: .5%

Cap Rate: 3.3%