Hello Everyone!
First time posting, but I've been a long time lurker and have really appreciated all the wisdom from this Community, and have learned a whole bunch and even grown a few whiskers in my own 'stache. Let's get down to business.
My Grandmother passed away 10 years ago, and left the house (evenly split) to my Dad and Aunt. This is the house that my Grandfather built by himself by hand after he returned from WWII, and my Dad and Aunt were raised there, so they have a significant emotional attachment to it. A few details on the house:
Zillow Estimate: $187,000
3 Bedrooms, 1 Bathroom
Property Tax $4,600
Currently rented for $1,400
Located in Connecticut
So why am I here seeking advice? My Dad and Aunt are getting up in age, and looking to pass the house along with the responsibilities of being a landlord. All 4 Grandchildren (myself included) are not interested in living in the house since it is too far from our jobs. We are also not interested in it as an investment as it wouldn't meet the 1% rule (let alone having our own families that take up our own personal time). My brother is the only one slightly interested in taking it on, maybe in some sort of Property Manager Role where he can be just paid a fee to take care of maintenance and landlord duties.
So my Dad/Aunt really want to keep the house in the family, but there doesn't seem to be an "easy/clean" way to do so. Does anybody else have any similar experience in a situation like this? Is it possible to set up a LLC or a trust that would take ownership of the house and then allow my brother to serve as the Property Manager?
I certainly appreciate any ideas or advice you guys have, Thanks!