Another possibility is a cash-out refinance on your dad’s house if it qualifies, which would tie the loan directly to that property.

Dave Meyer shared an informative video today [How to Find Your Perfect First Rental Property (The “Buy Box”)], outlining helpful structure for you to add clarity for your deal.

Also, when evaluating a value-add deal, what are the key factors you prioritize most? 

Do you also offer direct booking?

@Marcus Retter welcome to BP.It's a great community.I've been investing in Albuquerque for 10 years, and you can find some good deals there.Personally, I live in Santa Fe.There are several active Meetups that you can join to get around to other investors.Networking is really important.Get out there and make connections with other investors; that is how I got started. 

I have been learning how the process works and there are a lot of resources for how to interview a sponsor and review the deal, but how do you initially access the deals to review?

Assuming you're getting into deals that can perform above what the market will deliver (the only reason you would do this), there is still going to be a lot of work involved.

I'm okay with a high interest rate up to 15% because I can still breakeven on the mortgage but not sure how to finance this deal without losing my initial payments

What made you interested in investing in this type of deal?

The propertybis almost sold, and i have already searched for other rentals in the vegas area with some in mind if the deal goes through.Thanks