This will allow for greater cash flow while only tying up the down payment -- you can use any other money for additional cash flowing properties keeping diversity of occupancy to mitigate risks. 

One of the standard setup is to have each property in its own single member LLC in the state of the property.The property LLCs are then owned by a holding LLC in WY or NV to benefit from their good charging order protection.In addition, you would use a C corp as management corporation to take salary (if needed to show steady income for future loan approval), retierement, medical and other fringe benefit.

Do NOT put additional money into the property, except for maintenance issues.   

My wife and I built up just about $10k in personal emergency savings before buying the property but thats personal so I’d rather have some additional right?

I am planning a kitchen remodel and master bathroom addition in my fixer upper. 

Feel free to DM me if you have additional questions.Good luck!

They won't realize that $350K without putting in at least an additional $100K in upgrades, in addition to the $30K I would have put into it.

FHA will likely have an issue because you currently have an FHA loan unless you can prove additional extenuating circumstances and it sounds like that won't be the case.Getting your dad to assume the FHA loan would have a lot of additional complexities.

Follow up: So I paid the $700 appraisal fee, and it took about an additional month overall, but the actual appraisal came it at $370k.

Happy to provide any additional detail.