I inherited a home...advice on strategy ????

[Larry L.]

So myself and another family member are the new owners of a 3 bedroom 1 bath in a small town in South Carolina, our plan is as follows: Step 1: Create LLC Step 2: Clean out home. It was built in the early 90‘s , its been maintained decently Will require a new roof in a couple of years Drainage issue under the home , will cost roughly $2500 to correct It was rented for a short time 3 months ago for a period of 3 months. New refrigerator purchased 4 months ago Step 3: Find tenant , FRV is $850 planning to rent for $750 Home is in a small town , there is a small college 15 minutes away, other than the college there is not much going on in this town Step 4: Home is roughly valued at $85k, would like to refinance home and take equity replace roof and use remainder to purchase multi unit property Feedback: I plan to use a property manager (I’m located on NYC) Is this strategy flawed in anyway ? Any other routes I could go and still end up with multi unit property? Refinance advice ? Thanks in advance!