Getting our feet wet

[Scott Baker]

My wife and I just inherited 50% of a family homestead when her father passed away here in Spokane in March. We are new to the idea of a rental and trying to gauge our ability to execute on it. The house is paid off and clear, but her brother owns 50% of it. My thoughts are with the rehab the house needs I should get an appraisal on its current state.... buy him out with it current value then my sons and I would put in the work to rehab the place to turn into a rental. I think maybe setting up an LLC to buy out my brother in law might make sense? Then I have a solid baseline to start the rehab. Thoughts? Thanks in advance!