Part of me wanted to just do a little due diligence to see exactly what I uncovered.

Upon further research, I uncovered two things and assume this could be why...1.

Feel free to poke holes in it if you're seeing a flaw I'm missing.

Could you live in a place where the numbers worked better, but the place needed work, or had some other flaws that you didn't consider. 

I figured there was not really a legal way to do it but can't hurt to ask and see if anyone had uncovered something I had not in my previous research on the topic.I want to use the LLC structure with my father purely as a way to allow me to invest less than the minimums on each deal and diversify more as I have a lower net worth than him and want to keep the risk I am taking at an appropriate level in relation to my total investment portfolio.

I dislike PM companies or at least the ones in my area.  Due to that I have been mulling over the idea of forming a Property Management co-op.  Essentially, I would find 5-10 other investors who also don't like our PM...

A good agent will point out as many flaws as he can see.If you still like it, hire a state-licensed home inspector. 

Pay attention to conversations where you uncover someone is a contractor or works in a specialized trade.

I would renovate and begin renting out the home and whatever profits come from the rent, would go to her.Are there any flaws to this plan?

But wait a minute...I think there is one flaw in my reasoning: C class properties typically have higher cash flow after factoring in the higher maintenance...So maybe the higher cash flow in C class properties offsets the higher management cost?