I'm new to this too but this would be the first steps for me. 

For Freddie, i have not yet proven this with a transaction but saw this post by Matt in the Sub2 group of Paces. 

Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different. 

Austin is not a great cash flow market currently, but has proven to have solid long-term appreciation.

Quote from @Carini Rochester: Since you inherited the house, you get the stepped up basis.

@Brandon TylerThat’s an exciting step—getting your real estate license will open up so many opportunities to learn and grow!

Starting out in real estate can feel overwhelming, but breaking it into clear steps makes it manageable.

The BRRRR strategy is a systematic approach to real estate investing that revolves around five key steps:Buy: Purchase a property, often below market value, that has potential for appreciation and improvement.Rehab: Renovate the property to increase its value, make it livable, and improve its rental potential.Rent: Find reliable tenants who will pay rent, allowing you to generate consistent cash flow.Refinance: After the property is rehabbed and rented, refinance it to pull out the equity you’ve built through the renovation.Repeat: Use the cash obtained from refinancing to fund your next investment property, starting the cycle again.Step-by-Step Breakdown of the BRRRR MethodLet’s take a closer look at each stage of the BRRRR strategy to see how it works in practice.1.

If it is last rental rate charged, then you may have to get creative to accomplish what you want to while still working within the law.Here's an idea to explore.....If it is a 10% increase over the last rental rate you charged, consider using a step pricing lease if allowed by your state. 

This involves working backward from the final aim to determine the steps.