I have been in your position a couple of times with my parents regarding real estate they owned and had plans for. Regardless of how many times I tried to convince them to take certain actions that would benefit them and my siblings, those discussions only led to hard feelings. Parents don't like it when there children try to advise them and the older they get, the more they dig their heels in.
I know how sad and hard it can be to see a place where you grew up or spent a lot of time not be in the family anymore but many times that's the way it goes.
Dealing with assets that are shared with siblings can be a nightmare as it was with me and as much as I did not want to let things go, when I eventually had to, it was a relief.
Those are the emotional things to deal with.
On the financial side, the plans your father has will result in large expenses spent in a relatively short time. It is unlikely your rental income, minus taxes, insurance, maintenance, and management fees will provide the money you need to fulfill your obligations to the rest of your family.
I am repeating much of what has already been said, but this subject is something I am still dealing with many years after the fact and I felt I had to chime in.
I wish you the best in your decision either way you go.
|