Siblings renting out inherited house

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My two siblings and I have been left our former family home. It was left to all three of us equally. None of us are in a position to buy the others out right now, but it might be an option in a year or two. For this reason we are considering renting out the house. A local estate agent has valued the house and given us an estimated rental income. He is also offering a management service which I think we would avail of if we go ahead.

So I have a few questions:
Probate has not been completed yet so would we have to wait for that before renting out the property?
What kind of tax would we have to pay on the rental income? My two siblings both live abroad so would this be an issue?
Would we need an accountant? I'm currently a PAYE employee so have never had to fill in a tax return.
If the house increases in value over the next year or two are we liable for CAT if one of us buys the other out?
Are there any other issues we should think about regarding a joint rental investment?

 

[PaddyW]

I don't have answers to the questions really, but the one big problem I can see is that you will more than likely be paying most of your rental income out in tax, due to the fact there is no mortgage against the property and you will be unable to write off any repayment interest against tax. You will be able to write off other costs of course, but you'll more than likely end up paying a good chunk out in tax.

Other, more knowledgeable contributors can help you with the other questions, that's my 2 cents!

 

[twofor1]

Are there any other issues we should think about regarding a joint rental investment?

Even with a Management Service, being a landlord is troublesome, stressful and time consuming.

As your two siblings are abroad, all the trouble, stress and time consuming issues would likely be yours.

Bear it in mind.