Is my SFH inheritance a liability?

[Erica Rodriguez]

I recently moved back into my 74 year old Fathers' SFH with my Partner so we can save money for our first 4-flat. I found his Will and saw that he has the house going to my younger brother and I once he passes. Most people would be pleased to find this out, right? Not my brother and I. We are concerned the house is a liability, so I'm hoping I can get some insight from the BP community before I have as my Father to put us on the title. If we don't take the house, my oldest brother will. The house is located in Cicero, Il Pros: It's on a double lot in a high density area. Most homes in the area are on a single or half lot The kitchen and bathroom have recently been updated Fairly new furnace--installed 6 years ago High ceilings and lots of open space Large fenced in yard Cons: It is nearly 100 years old; still has lath and plaster walls, concerned about lead It's a C class house in a C class neighborhood House purchased in 1992 for $89,000; has been refinanced multiple times, each time $10,000-$20,000 was pulled out. It is currently on a 15 year mortgage for $114,400 as of August 2016 Mortgage is $1,100 a month. If my Father passes before the mortgage is paid off it will be next to impossible to rent it out for the amount we will need to cover mortgage, insurance and taxes House has a substantial crack in the foundation Many unfinished projects by unlicensed contractors or family members Wood picket fence and surrounding trees are rotting due to a fungus I'm thinking we should let the house go to our older brother...