If this is true, will I run into any issues trying to compete in these ultra-competitive markets? 

Hmmm...and then I realized that the ultra wealthy and those who have truly left a legacy to their kids, grandkids and even down through the generations...they leave behind INSTITUTIONAL GRADE ASSETS which are truly PROFESSIONALLY managed resulting in TRULY PASSIVE INCOME...and one of the real estate types that fit the above description is HOTEL...So I went to work and dug deep into hotels. 

Do you want to be in the 99.9%, or that 0.01% percent who are ultra-wealthy.

Great place to hear about upcoming trends and network with the best of the best in the single family rental space, i.e. hedge funds and ultra-high net worth investors3) BP Conference 2020 October sometime, New Orleans, LA.

Or is just more of the issues that come with low and ultra low-income tenants?

Look what one @Craig Curelop is doing, even though he can afford better housing, he goes ultra frugal while he's single:https://www.biggerpockets.com/renewsblog/life-hacking/Read the personal website/blog on @Billie Miller 's house-hacking success story (see the link at the bottom of any of her posts.....get inspired!

Ultra best case you're in the deal at 5000 and you get 2400 in rents per month.

His former managers also allege that the five houses included in Monday’s motion were used as collateral for the loan, and since Depp has stopped making payments, they want to sell the houses.The threat of foreclosure is just the latest exchange in what has become a bitter back-and-forth between the actor and his former managers, who he claims mismanaged the $650 million he’s made in the last two decades to the point of depletion.TMG later filed a cross-complaint against Depp, claiming the actor lived an “ultra-extravagant lifestyle that often knowingly cost [him] in excess of $2 million per month to maintain, which he simply could not afford.”http://people.com/movies/johnny-depp-slams-new-for...

There are plenty of videos, blogs and pod casts to go through and thousands of threads to research.You need to keep in mind that you and you father have much different approaches to investing at this point in time and until you come together on your approach it is unwise to assume you can partner.Your father is ultra conservative and will produce very low returns where as you are attempting to maximise returns through leverage.

Whereas banks tend to be ultra-conservative when it comes to the value of a property.