House Hacking Father Partnership

[Xavier Silva]

Hello BP, 

I'm a newbie to BP community but wanted to have some input from those more experienced than myself. I am looking at a deal where mortgage would be $2600-$2800 and rental income could be about $4100. The thing is my father and I agreed to do this together whereas I'm simply paying downpayment and closing cost and he will be living in one of the units since we are going to use his FHA. If my father pays below market value "rent" I still think rental income would exceed the mortgage payment by $700. I was thinking of splitting the $350 down the middle pocket as income and the other $350 for repairs emergencies etc.

Is there any other numbers I should factor in? Am I missing something? Tips advice comments any feedback would be appreciated!