A backup plan may include renting or refinancing the debt.

Lookup UDFI (unrelated debt financed income)  as well as non-recourse loans as both will come into play.

Eliminate debt, establish a budget, and save.

The only other thing I caution about is debt.

My sister and I are not opposed to some sort of buy in as well, as it would likely help my father clear up some debts, and would just be nice to help him realize some sort of lump sum gain, in addition to what would likely be a share of monthly rental income.We are looking at setting up a trust to accomplish all of this, but are just at the beginning of this journey. 

For instance, owning a property for 10 years could mean significantly less debt and more cash in your pocket.Learning: Investing takes time to master.

Some may state they are 3-5 yr holds, but then take on floating rate debt with a 3 yr cap on the interest rate.  

Figure offers a quick HELOC, which we thought we’d get…but our DTI (debt to income) was too high.  

They offer a simpler qualification process—no need for personal income verification or debt-to-income ratios.

You can structure the transaction in one or two ways; you can borrow as leverage (a loan), or you can raise capital through issuing debt.