A neighbor of my brother died two years ago and the widow recently past away. The two daughters are now trying to figure out what to do with the house, which is paid off. One lives relatively close and has been dealing with getting everything cleaned out, sold, etc. The other is out of state. I talked with the sister thats dealing with the clean up and she would like to keep the house. She has her own home in a nearby town where her granddaughter, who she is taking care of, goes to high school. She wants to stay where she is and not move into the vacant property. I dont know that she's very open to the idea of renters.
The other sister just wants a check for her half of the house.
I was thinking that the first sister could get either a HELOC or cash out refinance the house, and pay the second sister for her half of the house.
Another idea was to rent it out for the next couple years and move in once the granddaughter graduates.
What other possibilities are there so one sister can keep the house and the other gets compensated somehow?