General Landlording & Rental Properties

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Martin Dillender
  • Rental Property Investor
  • Chester Springs, PA
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Mothers passed, home to self and 2 others..sell or rent

Martin Dillender
  • Rental Property Investor
  • Chester Springs, PA
Posted Jan 22 2022, 16:58

Here is my situation. My mother passed, in Missouri (63129), and I'm on the TOD Deed (filed with county). The condo has an approximate value of $115k (based upon recent sales in same complex). HOA has no CAP for renting units out. Monthly HOA is $202 which I already pay for her. There is a $45k mortgage on it that is only in her name. I have 1 brother and 1 sister. I am the executor of her will. No spouse.

So, I'm trying to decide if I should just sell it and split proceeds or pay off mortgage, brother and sister (based on equity) and just rent it out.  I have the funds to do it (@ $88k).  I also have the funds to replace carpet, paint etc.  I live in Pennsylvania, brother and sister live in Missouri (close to her place).

What would you do?

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