Oh yes! For sure!Sure. As a general statement, the personal representative has a duty to maximize the value of the estate. There is some common sense applied to that general principle. Most personal representatives don't sign up for the job of voluntarily becoming a temporary landlord (as opposed to having to become one because the estate contains pre-existing rentals). But, it is fine to do so.
Be sure to have a tax pro familiar with estate income tax returns lined up.
Can't way we prefer to become landlords and it will be a last resort. I actually just wanted to put my daughter in the house so that it wasn't vacant.
It is just an idea we are kicking around.
How about this:
We decide between the 3 of us to NOT sell the house. We manage to be able to pay off all bills without selling it. (Not sure that will be the case unfortunately but time will tell.) We decide to settle the estate, the house in all kids names and we rent it for a year or two in the hopes the market improves THEN selling the house.
Is that possible?