Buying out siblings to own and rent out apartment

[Sean McClure]

Hi BP community,

My dad along with his 2 siblings inherited an apartment from his mother after she past away and few years ago. Shortly after, they rented out the property for about $800. Now that the market is picking up here in Miami, FL there is a real opportunity to buyout the other siblings, increase the rent to about $1100-$1300 and start to bring in a positive cash flow. The property is in a very desirable location backed onto a lake. I wanted to know if anyone has been faced with a situation like this before or if there is any advice you can give to try and get this property.