I don't think this is a good idea for the sole fact that you intend on selling after his passing.Once they pass (which I hope is a long time from now), those who inherit the house will benefit from the step up tax basis, meaning the net proceeds could be TAX FREE.

It may be a mute point depending on the tax benefits that you uncover.

Homes in need of repair or renovation can still be found at competitive prices, creating significant upside for those willing to invest the time and resources.Rental Market Backup: Investors also have the benefit of Indianapolis’ strong rental market as a fallback option.

I am grateful to any kind people here that can give me any insight on how I can make decisions that can benefit me financially. 

While I’m proud of the success of this project, I now realize that I could have benefited from starting my own investments earlier.

I am told that if we go under contract, I can review their books during the due diligence phase.  

Historically speaking, STRs will at least allow you to cash flow right out of the gate and when you add in the appreciation and principal paydown and tax benefits, the returns are 40% a year or better on most of these deals. 

Maybe this turns around and you're looking at a gain in 30 months and having that available will be a big benefit.

It benefits your property hugely to have these cleaned and it doesn't cost much.

Remember that a rental is a long-term investment with additional financial benefits such as depreciation.