Am I totally misunderstanding how this works? 

@Carlos Ptriawan @Kevin Chubet  There is a misunderstanding of STR here in these posts.

It is far easier for someone to admit that these apps are not ready and may have been revealed too early than to deny they exist.Please do not misunderstand my query.

I feel that many people misunderstand and misinterpret what a mentor can do and what a mentor cannot do.I would spend the $20,000-$50,000 to be in a deal or partnership or several deals and partnerships (being an optimist) where there is a real estate transaction(s) involved and go from there, but that is my personal opinion.

Insurance also doesn’t protect you from misunderstandings, especially those made in writing and email.

You may be misunderstanding the purpose of the 3X rent rule.

Please correct me if I am misunderstanding.

Marie Poe hits the nail on the head - it looks like the OP as well is agent misunderstand the EM concept.  

Gurus create this misunderstanding because they encourage people to get LLCs for TAX AVOIDANCE reasons.  

IMHO it certainly doesn't hurt to have the kind of conversation (and written agreement to avoid misunderstandings) about specific objectives and exit timing that you would have with any partner.BTW: If you are lucky, your Dad has a plan for living expenses funded without selling and he hopes to pass the properties to you.