A bank would probably be happy financing 75-80% of this deal with the seller picking up the rest, although they say that they want to make sure you have skin in the game, they want to be in 1st mortgage position and make sure they don't have their neck's out too far.I would first run your numbers and see if it even makes sense to pursue prior to asking about owner financing or carry back.  

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If this goes badly, I want his skin in the game, too.  

I'm ready to plant down anywhere that cash flows are strong (and there's not extreme racism – I'm dark skinned).Goal is to achieve the 2% rule or maybe even better.Here's how I plan to find such areas:1. 

With his assistance by using that house as 'skin" for me to get funding in leverage against my credit, any funding that can obtained at a fair LTV is what I'm after.

I inquired on financing for a 12plex and the lender, a local bank, offered several options, one of which was pledging one of my free and clear 4plexes as collateral for most of the down payment, and then about 5% cash from me to have some "skin in the game" (his term).I was unaware of this option, and thought that was pretty aggressive.

You learn to get thick skin though, now I have to laugh.  

If your father is willing to shell out a significant amount of capital for you to get started and your true goal is to be a real estate investor then you need to be present every minute of the process and involved in every decision along the way.Finally if you do decide to partner with someone make sure you do not put up 100% of the cash and that they have skin in the game as well, make sure you are on the title and have a clearly defined JV agreement drawn up by an experienced attorney

Aside from any investments that I would have my own skin in, I am a fan of REITs made up of holdings of well known (and public) companies.