Obviously lots of factors play into this (market, debt service, etc.).

In a situation where you were doing an arbitrage (renting it from the owner, then yourself re-renting it to someone else) your costs to renovate/fix it up while you're using it would be able to be capitalized and depreciated by you once your rental was in service (available for rent to others). 

Quote from @Alecia Loveless: Something is better than nothing, but I would offer more like $250 or 1/4 of a month's rent.

Have a scenario to run by everyone:My wife recently received a job offer in which she would make a lot more money, but we would have to relocate.  

Ok, Spartan Invest so something similar to RW where it's just aggregated TK services over different areas.

.- 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!

I'm about to put an offer on a MF in Rensselaer and will definitely be needing a handyworker & painter for some light cosmetic work.

They are both a bit pricey if you're not all in and closing deals, but they also offer a 7 day free trial.

@Augusta Owens first, thank you for your service!

@Brian Chadwick A cash out refinance might offer more favorable interest rates than your HELOC provides.