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Inheriting a house that needs work

My family lives down the street from my great aunt, who doesn't have children. She has decided she wants to leave everything to us, because we've been helping her for the past few years. So this situation may change, but as of right now I'm trying to plan for what to do.

She has a split level, and the basement was renovated into a separate apartment years ago. So the two spaces can be rented individually.

However, she is quite elderly, and had an elderly dog who kept having accidents on the floor. The dog has passed, so it isn't making it worse anymore, but the house reeks. The smell clings to anything that's in the house.

There would be some money as part of the inheritance that could be used to fix the house up. At a minimum all the floors and subfloors need to be replaced, and possibly kitchen cabinets and dry wall.

But with it being on our same street (meaning we could do the maintenance ourselves), having the possibility of being rented to two different tenets, and having no mortgage to pay, it seems like it could be a really good opportunity for us. But with the work required to get it ready, I'm waffling about what to plan for.

submitted by /u/meepmeepmeep16
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source https://www.reddit.com/r/RealEstate/comments/1d39nw3/inheriting_a_house_that_needs_work/
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