Not sure how to manage inherited properies
My husband is inheriting two homes in two different states. One is a bedroom community of a large city, so property management shouldn't be an issue. The second one is pretty much in the middle of nowhere. Since both are free and clear, we intend to renovate and rent. Not sure if we'll take a small loan for the renovations and that be the 'mortgage' we pay off, or if we'll pay cash for it.
Bedroom city house requires a medium rehab. Full kitchen and 2 bath reno, paint, floors, and landscaping. Currently, tax assessment has it valued at $125k. So while property management shouldn't be an issue, someone to oversee the renovation will be an issue. My in-laws can go up maybe twice a month to check on things, but they certainly can't be there every day to oversee. What type of company should I try to find to help with this?
Middle of nowhere house is 5 min from a major lake and is great for vacations and/or a tenant who likes boating. Not sure what it's valued at right now, but it's a larger house and needs less work. Mostly cosmetic. Floors, paint and maybe new backsplash in the kitchen. Again, we need someone to oversee the renovation and someone to do property management. I've found one company online, but they don't show up in the NARPM. So I'll need to look for both types of companies. How the heck do you do that in such a small town? The closest large town is 1.5 hours away. Again, In-Laws would be able to check in on it a couple times a month, but not be there for the long haul.
What would you recommend?
1. Small loan vs. cash (that's part of the inheritance) for renovation
2. What type of company to oversee renovation in Bedroom community
3. How to find renovation overseer and property management in very small town?