Make sure the family is good on this transaction happening at the right price, it could get uncomfortable if your dad gives it away to you in the eyes of the family.

Here's the message from RentRedi: "During a routine review, our payment processor came across a transaction that they must do additional verification on.There was a transaction (#20) under cardholder name XXXXXXX  (amount: XXXXXXX).As this cardholder name doesn't match the tenant name (XXXXXXXXXXXX), further information is required about the cardholder:- Lease agreement - Cardholder name:- Billing address:- Cardholder phone number:- How the cardholder is associated with the tenant:Once this information is provided, I will relay this to the payment processor for review." 

So I said yes.After receiving and reviewing the policy documents, I found that the insurer (Fortegra Speciality Insurance) is a surplus lines carrier, which makes me a little uncomfortable.

., then it can get uncomfortable fast. 

No one has ever waited their way to financial freedom, that only comes through taking action and feeling uncomfortable. 

Getting caught up in routines that don't yield results is easy, so this is a great reminder.I also love the idea of connecting with someone locally and getting hands-on with their projects.

There are 3 safe harbors available to you-De Minimis Safe Harbor ElectionSafe Harbor Election for Small Taxpayers (sounds a bit condescending)Safe Harbor for Routine MaintenanceCheck these out...Frankly given the amount, and what you are doing (low materiality to the plumbing system unit of property), I would expense it.

The only thing I can think of that may be harder to deal with if I am not local is routine maintenance issues, but I was thinking I can just ask around for some handy man referrals to have at the ready in case those smaller issues arise, while I would instruct our future tenants to contact our service provider for any emergency issues. 

I would also try especially in the beginning at least quarterly to complete some routine maintenance and make sure the house is being taken care of properly. 

You can actually find 2 bedroom condos below $100k now fairly routinely.