Hi all,
I used to have a rental property, but sold it about 8 years ago and am now looking to get back into rentals as investments. I'm inheriting my mother's rambler home in Minnesota (valued at about $250,000) along with my brother. There is no mortgage on my mother's home and my brother has no interest in keeping the property himself.
I'm looking for advice on the best way to break into investing with this property.
I'm wondering if it would more beneficial to buy out his half and rent out the property, or sell it (split the proceeds) and use the cash as down payments to purchase a few other properties? Comparable rentals in the area are going for between $1400 - $1700/mo.
Are there more financial benefits to doing one over the other?
Other options I may be overlooking (e.g.: pertaining to leveraging the equity)?
Thanks in advance!
