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

The lower rate or longer term can also make the payment more affordable. 

Also, the turnover will be much lower, but maintenance costs might shift too, so it's good to plan for that.Happy to connect if you need more tips!

With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

I think the economy has a number of diverse employment options, lower prices than King County while still being within driving distance.  

there's a tremendous demand for inventory - both primary residences and rentals - and so buyers are willing to accept lower yield than a lot of us think makes sense. 

If the numbers make sense, the plan is to approach the seller and attempt to get a lower price for this "2-story" building which has vacancies, since that's what the owner is selling.

As sellers realize that buyers cannot pay the same price for the same income stream as before due to the higher rates dampening overall buyer returns over that 6-month market cycle, sellers will eventually transact at lower prices, making it more apparent to sellers where the current market pricing is.

All of this equates to lower returns with turnover costs, being the primary one.  

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?