If you are looking at a roommate situation, you always use month to month, with clearly defined rules.

@John T.Looks like your father's position is that of a private lender or passive investor, as opposed to a partner.Even though he is your father, you really should define economic rules between the two of you. 

Sometimes, it can just be your luck that defines a project.In that price range and area, I would definitely suggest good pictures, staging, and focus on curb appeal.

City zoning defines the parcel's use, so my inclination is to stick to that.I suspect that @Chet Hileman can throw in some added information here from a financing/mortgage viewpoint, so hopefully he sees this and adds some clarity.

A fundamental component of being a successful real estate wholesaler is understanding the laws governing the conduct of real estate agents and the laws that govern your conduct as an unlicensed individual.Do your homework.

My personal belief is that "It is not the software that defines the process, but the process that should define the software" In other words, each and every one of us have a unique business, with unique processes that can utilize software to reduce workload, provide a better customer experience and automate tasks.

is a huge component, as well.

Probably a faster cash offer was a component as well. 

I use 10% until I have the property inspected to determine the current condition of all major components and appliances.  

Think of it in line of a defined business strategy.