I want to minimize the risk and still make some money in the end regardless of my end decision.

Estate Taxes.With the proper structuring, your dad can ensure his real estate passes to you with minimal tax impact.

I guess I was thinking that I wanted to have all my ducks in a row, so I can minimize holding costs as much as possible. 

Not just on the property to cover damage, but interruption if business use insurance also, so you keep getting rental income paid by the insurance company until your property is back online.

Stanley was fascinated by the different ways women get rich as opposed to the ways that men get rich.He believed that his research into millionaire women allowed him to separate them into two distinct groups, with minimal overlap -- women who got rich because they came from stable households that prepared them to become successful with money, and women from very different, unstable households who got rich in spite of the odds.

Also, to minimize the income taxes is a top priority as well. 

Property in Camden NJcost 66,500 minimal cosmetics rehab 5ktop unit rents 800, downstairs $900Thanks

People with good credit are rewarded with same.a little off topic but when i was activly HML in Mississippi I had a pretty significant LOC with Trustmark .. and when talking to my banker there he told me they really focused on the medical profession.. providing all the capital for those folks to buy their homes with minimal down include the furniture and cars etc etc.. i could not figure out how these under 40 doctors were living in million dollar homes with 300k in toys :)  the banker said once we have these doctors as clients we have them for life and their entire banking needs.My personal banker in Oregon their bank really goes after Dentists .. and they do the same thing.  

That doesn't mean risk doesn't still exist, it just means that you've formulated a plan for minimizing those risks to the extent possible/practical and a game plan for dealing with them if they do come to pass.

But of course I am structuring my T1 and T776 in such a way as to minimize taxes.So how would I continue to grow, get good bank rates, and still have a tax return that shows lots of expenses, to keep from paying a lot of income tax?