Does taking on my father's property make sense as a first time investor?

[Fausto P.]

Hello to anyone reading this ! This is my first post and Need some advice. But first the backstory….

My father immigrated to this country over 30 years ago and has been able to acquire 4 properties in that span. 1 family home in long island, two 2 family homes in Queens and 1 vacation home in his country. Its time where i want to start my journey into real estate, now my father is more than willing to pass me the torch because he is also working a full time job. Trying to balance everything is just taking its toll.

****** I would like to take on of the two family properties he has in queens. Im already living in the basement. I know this property inside and out. I myself have done much of the repairs and have helped him with these properties for over 20 years.

I have 80k that i can invest into a property

The House is valued at about 900k he refinanced multiple times and he owes about 600k

Mortgage is fixed at 3.4% for 30 more years

Per month its at 3500

Right now 2nd floor is a two bedroom

1st floor is also a 2 bedroom. I have enough money and construction knowledge that i can convert both of these apartments in 3 bedrooms!

The property will have to stay under his name because of the interest rate, so How can i make him happy, make an investment and have some cash flow for myself ? Might be asking for too much on my end lol but my dad is more than willing to make this deal happen. Thank you to anyone who has any input !