We just took over in-laws home after her death. It’s an older home in a very high demand neighborhood but needs a lot of work and don’t know where to start. Will have to pay sibling half of the appraisal and overwhelmed with the work needed.
You need to make a choice of whether you are willing to get the work done or is it better to sell and move on. It is not something you can go into half-hearted. If you do not have the money to buy out the other person it would be better to sell and move on.
If you can pay them or come up with a creative solution than hold on to the home and rent it. If it cash flows well you can take your time fixing it up.
By no means exhaustive, just a few thoughts....
some pros to selling:
-since the property appears to have transferred at death, you may benefit from a stepped up tax basis if you sell (consult tax expert),
-strong sellers market now
- hard to find good builders now in many places
- avoidance of building and renting headaches
- some pros to fix and flip:
Can be satisfying to see the house turn around, although not worth the headaches for many
Maybe better profit if you do it right and get the profit a flipper might make too
Some pros to fix and rent:
As previous poster noted, if it cash flows well you have long term cash flow.
It depends on your goals, and your situation. Take the time to clearly define what you want. Then you can make a plan for this property. If you don’t know where you are going, it won’t matter which road you take!