I considered starting out house hacking a MF, but it will only increase my monthly expenses, not lower them or provide cash flow. 

Lower Start-Up CostsTraditional real estate investing requires 20%-25% down, making it difficult for many to scale quickly.

If rates drop, more buyers will come to the market and you can refinance to lower your monthly payment.

., 75%+) or lower rates?

Converting OP units to shares of the REIT creates a taxable event.Ok thanks.

Get it under agreement for less than asking price and offer to bring the loan current and have them carry that loan.The way I see it is they are just getting MLS properties under agreement - the last five I looked at had been sitting on the market for more than 150 days (overpriced) because the payoff of the loan would not be satisfied at lower price point. 

Look at lower ARV properties 200k and below and you'll probably find some that can work as a flip or a BRRRR even with current interest rates.I also would recommend meeting with a lender and describing your goals. 

Proceed with caution and make sure you create enough room for value loss.My client recently had this issue and I told him only way to take this is if seller repairs it and lowers price significantly for value loss.

Since your dad is a contractor with access to affordable labor, the renovation costs could be lower than average.

If you are close to retirement and are accredited, it's safe to assume that you'll likely have some decent, taxable income rolling in during retirement.