The more I thought about it, the more I realized it'll help with my longer term plans:Faster market familiarization "Being in the trenches" and seeing the emotions/hot buttons of buyers/sellers will help with optimizing flips and holds.I'm very good at generating leads and creating sales funnels and systems.

It's obviously a business so it has to be clearly separated from personal emotions but risk level should be considered based on your current relationship in my opinion.

You have the option to rent it out if it meets the financial criteria for a rental and you wish to be a landlord dealing with the ongoing headaches that come with that title.You must also not be emotionally attached to the home since many tenants do considerable damage.

Oh - well they'll just call it a service/emotional support/comfort animal and it won't be a pet so no deposit will be due anyway.I can enforce someone not paying an unauthorized animal fee.  

Post the numbers up here and you will get an non emotional opinion of the quality of the deal.

separate money and business. don't get emotional about a property or it will end up owning you. 

Can't be an emotional decision. 

Since it's an inheritance, there's probably some emotional attachment, and that's ok, too, but if you're going to flip it anyway, take a quick sale now and put that money with the cash you already have for another deal...

@Tim Soto - Congratulations on your new acquisition.Clearly, you demonstrated a methodical approach to this purchase, in that you knew the neighborhood and its potential, stayed calm when another buyer attempted to purchase property and failed, remained firm with your purchase ceiling, had dual funding plans and your to do list was ready to take action as the ink dried upon purchase.Thanks for taking the time to outline a step by step methodical approach to REI, without injecting emotions in the transaction.Good luck with this purchase and your future acquisitions.

Look at the facts without the rose (or green) colored glasses and base your decisions on facts and leave emotion out of the equasion.