Usually it's easier to qualify for a loan than it is to amass a downpayment so you're a step a head in that respect. 

Cap Rate: Looks respectful but some one here will brag it is not highCash Flow: + goodness directionI will check with Association looking at lawsuits, restrictions and income statement that show they will allow you to rent to others.

We are young investors (ages 22 and 23 respectively), so finding funding for any RE investment hasn't been the easiest either.

Since you have no proven track record and 95% of new investors fail that would be the only arrangement I would agree to as a cash investor.Your dad is a businessman treat him accordingly with the respect he deserves.  

I am a newbie in all sense but if I can focus on trying to grasp this concept, I may have a chance at a real possibility like this sooner rather than later.Thank you all in advance who reply.Much respect,Dan Nieves

@Lane Kawaoka and @Michael Wagner I am respectfully disagreeing with you on self storage being a passive investment at least in our experience.  

I'm putting a substantial  amount of money down, so my deal looks good with respect to LTV and DSR, two things they look at. (1031 exchange, and I am more focused on net income after debt service as opposed to maximum leverage.)  

They’re well respected and have been around a while.

At least submit a letter to the owner showing that you're submitting the offer respectfully, and would like to explain how you are coming to your offer number.

By that I mean anyone making around a median wage in their respected area.That way is small multi-families (2-4 Units).