In CA currently only MF properties are rent controlled.  

This is a common issue, but having stricter cost control measures or a contingency buffer in place could help on future projects.

Also it would be interesting to control for attributes such as 1) condo vs. fee simple and 2) modest vs. midrange vs. high priced homes.

Ultimately YOU need to be the one in control so YOU need to understand what's going on more and you need your agent to assist you with that.

Maybe as a construction manager, warranty guy, quality control or something. 

Many people tend to think that the Federal Funds rate controls interest rates. 

Two codes of specialized paint for order control, not the regular Home Depot paint, were necessary.

How you buy/control them are.All deals are made up of two things: 1 - Cost to the buyer/REI (this is ONLY the cash they put in).2 - Terms of the deal. 

At the early stages, the more control you have over your real estate, the better returns thus I recommend investing locally to make your dollar go that much farther and gain a good familarity with real estate before exploring out of state investing.

Good idea on the Trust as that will avoid probate (required even if there is a will) and your father can control who gets what via the Trust.Your challenge is what happens if you do all the work to turn the portfolio around and then your father sells it, gives you less than you think you deserve or leaves it to someone else?