House inherited 50 & 50 but will divide equal with 7 sibling

[Hozona B.]

My wife & her sister were willed a home 50 & 50 in Statesville,NC. We live in NJ.

The home is big 6 bdrms 2.5 bh ranch on double lot, mother & daughter 2100 sqft. The good thing is, we have a great tenant who is not interested to purchase home and pays the mortgage & operation cost which we about break even. This tenant rents only the main house. The other side 1 BD & 1 full bath is vacant. The house only as one electrical service panel & gas. So everything is on one bill.

My first thought was wow great opportunity to purchase this house for rent income.However, the house needs some TLC at least 30 k to 40 k in renovations but, liveable. Zillow estimated comps that sold in the area for about $130 - $140 mint condition.

What do you think about, if I offer the siblings $30000 or less cash we assume the existing mortgage balance at $67000 at 4%? I believe the 1â rule works here, if i rent that vacant apartment. The problem is its a low income area with 16 felonys within a 1 mile radus ? Your professional advice is greatly appreciated. Thanks, Hozona

[Mark Fedorov]

My professional opinion is that your wife and sister should figure out what they want done. You don't want to mess with the emotional baggage of sisters being torn apart.

Have them talk about the three options; one of you buy, both of you own and rent or both of you sell. (I strongly suggest you not be in this discussion). Start the conversation with I think it is worth $X right now, have the $x number be what you would be happy to pay the sister to get it 100% yourself and what you would be happy to recieve and give it 100% to the sister.

It is a tough path to walk. good luck.