Inherited House, Buy from sibling or sell.

My mother passed away leaving a house in the mid Vancouver Island area to my sibling and I.

It was the only major asset other than some investments that were distributed 50/50.

I've wanted an investment property for sometime but have had conflicting advice from people who have made money from from real estate in the form of taking the equity and reinvesting in additional properties and those with traditional investing strategies.

The house is assessed by BC Assessments at just over $900k but need is repairs and I have yet to get an appraisal or realtors advice on a price. There is a heloc of approximately $140k that needs to get paid to settle the account.

The question is, if my sibling and I are both 50/50 beneficiaries on the will, can I simply buy her share of the house and does it make sense holding a 400-500k mortgage on a house that should be cash flow positive when rented as there is an upper and lower suite.

Or do I sell it pay the realtor fees and invest my money into traditional investments.