So I am trying to think of a way to make a difficult situation work for me. I have a property in an estate that I am the administrator for and sole ultimate owner of, no other heirs. Property is paid for but in bad disrepair, albeit still livable. I love the house and plan to gut, remodel, and move into this house once the estate is closed. I would then rent out my current house once the remodel is done and i can move, thus finally getting into real estate (first step). That being said, due to an ongoing issue, it is likely it will be another 6 months or more before the estate is fully closed out and free. Both properties are in driving distance from each other. My quandary is, do I wait and see how it goes, waiting on a result that can take awhile, one which I don't have much control on speeding up. I don't have a lot of carrying costs other than cheap utilities and property tax but its notable. Or, do I attempt a 6 month lease, make some money to cover property tax and a little profit while I wait this out? I am leaning toward that but I'm worried the ac could die at any time and the house isn't that presentable on the inside. I also couldn't go any longer than 6 months on a lease/rental. I don't want to put a lot of money into fixing it before the estate is settled but I realize it would need bare minimum to make it rent ready? Has anyone dealt with a situation like this or have advice on what to do while I wait so I don't incur more costs.
