Hi Joseph, I am an investor in Indianapolis and also help out of state investors to learn the areas. 

The previous owner actually offered it to the tenant, which in turn, they reached out to me.

Let’s share insights and tips to help each other out!

Ideally I’d like to leave my realtor out of this sale due to their high price tag in my area.

If you are looking to pull more cash out I'd go with the second option.

However, if your father inherits and later transfers the home, it should qualify for a step-up in basis to fair market value, reducing future tax liability.If the goal is to tap into equity, having the trust take out a HELOC may be a better option, avoiding California Prop 19 reassessment, which could raise property taxes significantly.

We want to rent it out.

For example over the last four to five years a lot of people went out and bought STRs thinking it was going to be a great investment only to find out that the numbers did not work a year later and needed to try to use it as a LTR to make ends meet. 

A cash-out refinance on one rental could provide liquidity while keeping rates reasonable.

Because now, legally, they have to disclose that if this all falls out.