Advice for newbie on First deal

[Richard Jones]

Here's the situation, my mom recently passed which leaves my Dad( he's retired) in a big house all alone. He was also dependent on my mothers income to live. He has enough money put aside but he's going to have to budget well. I want to fix up his house and rent it and buy a smaller townhouse or condo that needs rehab and use the cash flow to pay the mortgage and it also creates income for him. He can rent his house for $2600-$2800 I believe. Saying he buys a small condo for around 150k he should roughly net $1000 in income every month. Does this sound like a plausible plan? Also should we use a HELOC to finance the repair of the house. I anticipate 20-30k in repair.