Great if you want to add rentals or non owner occupied properties to your portfolio but not so great if you wanted that winter log home in big bear CA or Mammoth lakes, CA.The good news is you're from TN so you have no earned income tax from the state on wages only interest and dividends in certain cases so thats a pro right?

I'm under contract for a nice double and was hoping to use part of the money for my portion of the down payment.

Don't lock up a deal just for the sake of having a contract.

Bloomington has milder winters then we do up here in Chicago, but still gets snow and cold, which takes a toll on the property.  

.- 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!

The contract was signed with my company using a lender.

@Dustin Horner you should be contracting maintenance work and creating a preferred list of vendors as @Phillip Austin has recommended.The first person you hire to help you should be to handle what you LEAST like to do yourself or has the greatest time savings for you!

The market seems to have a lot going for it with the beach, the lively downtown, the historical appeal and the night of lights draw during the winter months.

The biggest hurdle in the Scott's model is the Deed for Contract.

And also I inherited the tenant and havent signed lease with them been advised to better honor the same terms of the seller until their contract finish.