Newbie: Subleasing a Multifamily

[Zachary Kowalik]

Hello, I just introduced myself in the new member area so this is my first official post! My first “investment” in real estate is underway and it is quite unique. My father owns an apartment complex and he gave me a generous offer. He will lease me one of his distressed units for a reasonable fee and use those profits to pay for the materials needed to rehab the unit. I will provide all of the labor and as my payment I have the right to sublease the property and collect rent. Any net cash flow (maintenance and repairs will now be my responsibility) will be mine to keep. Has anyone heard of or done this before? Any advice? Legal implications? Thank you!