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Reply to "Inherited parent's home. Rent or sell."
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[quote=Anonymous]I would sell this one to get the benefit of step-up in basis and a tax-free sale. Vette your real estate agent very carefully. They will often try to convince you to take a low ball offer from a local developer before ever putting it on the market. I see this happen all the time with heirs from outside the area who inherit the home. The only way I'd keep a home I inherit is if its in a very desirable area where I want to vacation, potentially might move to one day in the future, or if it's already generating good cash flow with a stable tenant. Trying to set up a new rental home remotely in a low-income area is a recipe for disaster. You will need to spend money to get it into service, plus give away 10%+ to a local management company. Doesn't sound like its worth the headache given the low rents in the area.[/quote]
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