The numerator will include your cash flow and principal pay down.

This can cater to multiple small families or individuals on SNAP, maximizing the utility and affordability of the property.

Florida already passed an anti-squatter law and the process is faster and simpler:Under HB 621, a property owner can request law enforcement to immediately remove a squatter from their property if the following conditions are met:The individual has unlawfully entered and remains on the property;The individual has been directed to leave the property by the owner but has not done so; andThe individual is not a current or former tenant in a legal dispute.

I have two units in two different buildings. Both are currently rented out long-term. I am looking to buy a third property in the same market. All other things being equal, is there any benefit to purchasing the third...

Partnering with an experienced individual in the space will help build that credibility that you are lacking.

Numerous improvements have made over the years.Dad wants sell the property this year, so I will assume it sells for $1M.Dad’s LE share would be $300,000.  

Like @Theresa Harris I am a little confused about what you're trying to accomplish.I invest in individual properties, REITs, retirement accounts, and ETFs. 

I can tell anyone with 100% confidence that single family homes we manage for investor owners have seen between 3-5% annual appreciation in rents THIS YEAR. 2020, 2021, & 2022 were definitely unique as we were COVIID hungover, but the normal 3-5% annual price & rental appreciation has returned for individual investors. 

If the value has not gone up a lot since purchase, this might not apply to you, but one thing that is often a factor when converting a primary to a rental is losing your section 121 capital gains tax exclusion (up to $250k individual, $500k married couple if you've lived in the property for 2 of the last 5 years).

My response to this is if the individuals are hesitant to invest in the first place, the likelihood of that same individual waiting to invest later and then pick an investment with a higher risk profile (which often comes with investments that yield higher returns) is possible, but maybe not as likely.