I am the executor of my late aunt's estate. She left all her property to me and my sister, including a home & a car. My sister wants to sell, I want to keep the property - the property isn't sub dividable & neither can afford to buy out the other half. I was wondering if 'renting' the property could be an option (either residential or commercial) and if so, are we still responsible for a inheritance tax on the income and what all is involved with becoming a landlord?
If renting is a possibility, do you have to wait until the property is out of probate before leasing or can I have someone come in now so that I can use that income for the estate bills?