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Updated almost 8 years ago, 02/25/2017
Inherited rental property 50% ownership should I hold or sell ?
I inherited a rental property ( house & 2 bungalows all on same site ) it is free and clear no debts, I own 50% other share is sibling, we have both worked on this property for years together and have no issues managing the property. I expect no huge repair costs soon, but have a good reserve to cover if needed. All rented out and long term tenants, projected vacancy loss is minimal.
Projected income for 2017 after expenses,including estimated income tax will be a net profit about $18K, Split is 9K each.
My immediate family wants me to put it on the market,, I am the decision maker and not so sure I should do that yet.
I don't want to take a loan out against the property for investment purposes, I did that for a flip, a 2 years ago and was stressed the whole time, did make a profit of 30K but if I do that again it will be totally with just my money.
I'd like to plan ahead,is this amount of income enough justification enough to keep it for awhile yet..
Or should I free things up and have more options. Once it's sold it's gone.. If i put on market would be in the next few months.