.- Have attorney draw up a contract to do this.Suggest you offer your dad some cash, now or in the near future, to motivate him to transfer his ownership to you.It may not work out, but you will learn a lot either way!

It is much easier to hit cash flow goals.

This is a significant down side to me as a long term investor as it basically wipes out your cash flow. 

- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

I played Kiyosaki's Cash Flow 101 Game this weekend with 3 new Mentees of mine.This is seriously not just fun, but really good for learning and mindset training.If you haven't played this game - you must. 

@Ed Lopez Many good points in this thread.A few things I was thinking about when reading your posts:1) At $500/month in rent with annual turns it is going to be nearly impossible for the cash-flow math to ever work.

I prefer Section 8 tenants to low income cash paying tenants but there is a damn good reason why many landlords won't put voucher holders in high end properties.

Would love cash flow, of course, but if I could at least break even on a highly appreciating property, I'd be happy with that. 

One is the cash downpayment and one is the work.

BTW, the rental property is cash flow positive.Not exactly.