What makes the most sense for the property? Can you rent it out? Would it be a better rental if you improved it? Do you have the resources to improve it or would you need a loan? Is it in a location where a rental makes no sense? Are there tax implications to selling it and using the capital elsewhere where you could potentially make a better return(ie, opportunity cost)?
If it is rentable and you can improve it, and you don't other resources to improve it -- it would be improve, rent, cash out refi within the sense of the numbers specific to that property, and then on to the next. So maybe IRRR->BRRRR. But the first thing I would do is try to check the sentimental nature of an inherited property and give a keen eye to whether it makes more financial sense to go the brrrr route or just sell it and use the capital elsewhere.
