New to REI - starting with inherited property

[Merideth Cohrs]

Good morning. I've been interested in REI for quite some time, but unfortunately never jumped in. I'm definitely in the club of 'wish I had done it 5-10-20 years ago'... But oh well... We own our own home and have seen significant appreciation.

My husband and his brother recently inherited their dad's house in Springfield, VA. It's paid off and roughly worth ~$700k. We had a home inspection done and it needs some work, but nothing crazy. My brother-in-law wants us to buy him out so he can use the money to fund his lifestyle and potentially buy himself a condo in the city. I have been reading on older posts about financing options (we'll be using a 'net sale' price so probably somewhere around $300k-ish), but haven't seen anything super recent that reflects the higher interest rate environment we're in today.

Is cash out refinancing still a good option to pay off the brother, fund some additional work, and potentially have more $ to invest in additional properties? It's a ton of equity sitting there that I'd like to be smart with. We can likely rent the property for $3500-3800 a month.

Any other good ideas?

Please bear with me as I am very new to this but an incredibly quick study. 

Cheers

[Merideth Cohrs]

Thanks for the reply @Jaycee Greene - I appreciate it. We still need to get quotes on everything, but yes I'd imagine our rehab/update costs are somewhere between $30-50k (includes a new roof).