Renting my grandmas house!

[Kevin Vasquez]

Hey guys!

So my grandma passed away and her home was spilt into 4 shares between my mother and her 3 siblings. None of the siblings communicate with each other nor seem to have a vested interest in the home. My mother lives in Florida and would like to acquire the home fully for rental purposes. She has been paying the property taxes through her own funds since my grandmothers passing 4 years ago.

#1: Since my mother is a partial owner can she legally rent this home out?

--- Even considering going the month to month route for a tenant----

#2: Does she have any legal advantage since she has been paying the taxes out of pocket to avoid liens?

#3: If she wanted to transfer her share to me what is the process and do the other siblings have to agree?

Any advice and recommendations would be helpful

[Michele Fischer]

If I were your mom, I’d make a list of the value of the house less property taxes paid, divide that by 4 shares, and approach the others about buying out their shares on seller financing. Set the sales price, determine a payment schedule that can be met even if there are hiccups in rent payments, giving her full rights to rent the property and in 10-15 years her siblings are out of the picture.

If that won’t work, seems like she would need to get their permission (in writing) to rent it out, and all rent and costs (including her or your property management fees) would be split 4 ways.

Check your local laws about whether you can manage the property without being an owner. If you can’t would she gift her portion, or you would try to buy out all four?