Rental Property in Germany

[John Toerner]

I own a 25% interest in a property located in Castrop-Rauxel Germany.  My mother just passed away and I need to decide whether I should buy out my 3 siblings.  The property consists of 23 parking spaces which each rent for 45 Euros per month and 13 garages that rent for 75 Euros per month.  There is also a building which has a store on the 1st floor that rents for 1,500 Euros per month and an apartment on the 3rd floor which rents for 800 Euros per month.  There is currently a family apartment that we use when we go to Germany that is unrented and would rent for at least 800 Euros per month but needs to be cleared out.  I was also considering using the 2nd floor apartment as an Airbnb so that I would have a place to stay when I visited.  The property is located near the center of town so it would be a good location.  There is also a 4th floor that has 6 room which could be converted into an apartment if needed.

The issue that I have is finding an appropriate property manager to manage the property because I live in the US.   The expenses are currently about 2000 Euros per month.  We had an offer of 575,000 Euros for the property.  Is it better to take the cash and be done with it or is it better to buy out my siblings and try to get a manager?