What would you do?

[Erin Hollen]

My 2 brothers and I are inheriting my fathers residence. It is a duplex that needs considerable cosmetic work on the one side. The side where he lived just needs paint and flooring. I am the executor of the estate and my brothers agreed to let me buy them out on the house so i can use it as a rental property to supplement my retirement. There is a 41k outstanding equity loan on the house. Since my father passed away unexpectedly, i do not have cash in hand for the deposit. So my plan is to use the equity in my own home for the downpayment and for the repairs and take out a conventional mortgage for the house itself. Its last appraisal was for 65k in 2017, last tax assessment was 35k. The house next door, also a duplex with exact same floor plan but in better shape, last sold for 125k. Rental estimates for each of these apartments is $700-$900 per month. They are 2 bedroom/1 bath apartments.

Can this be done? How would you do it? Any tips or advice? Keep in mind that i dont know what i dont know.

TIA