Rent, Refi, or sell. What to do what to do???
So... here is the background story. i inherited a property with my sister as a 50/50. probate is about to end and i have to come up with a decision on how to move forward. my sister lives in ny and doesn't care what happens as long as she can detach from the property. the house is worth 200k.
1: i can either sell it and pay all that fun stuff that goes along with selling a property and use the difference to invest.
2: i can buy out my sister for 100k, take her name off with an Assumption, and rent it out with a cashflow of $1000 a month mortgage free.
3: i can buy out my sister for 100k and take her name off the, take her name off by refinancing, refinance for 100k get my money back (to invest in other properties), and then rent it out having 100k equity, and cashflow would be around $500.
after a long time debating i think the 3rd option was the best but after asking Brandon in the 727 webinar he said that 3 sounded like a good idea but i had to be careful since I'm taking out a large chunk of cash. he looked tentative to say yes. i felt like he was holding back. (i only asked about number 3)
What do you think? tell me what Brandon was holding back on and which you would recommend.