So both have issues.I have kids, please don't tell me they are financially mature and responsible right out of the chute, some might be, but it's rare.

I am looking at purchasing my first investment property but want to make sure all my tax and legal entities are in placeMy dad will be co-signing on this first loan from the bank so that I can get a better rate since I was discharged out of chapter 13 6 months ago.

An in-line air scoop / air separator can be added in the discharge line leaving the boiler.     

In this manner, will it give me an advantage if he defaults on lease payments because I can simply not renew basically discharging the agreement and have him out by end of lease?

If you bought a vacant dwelling policy (not builders risk) it was most likely issued on a basic policy which does not cover accidental discharge of plumbing, therefore denied. 

Your large student debt not being dis-chargeable and figured into your debt ratio is a huge factor in getting a loan.Also 150k for multifamily in AZ may or may not be realistic for that market. 2 to 4 units could trade at 30k a door or 150k.

Better asset protection, better discharge-ability, etc. 

It was the start of the real estate bubble and I got lucky.I paid down my student loan as quickly as I could because student loans aren't dischargeable in bankruptcy. 

In most cases, the condos were in some stage of foreclosure by the bank holding the mortgage, then that foreclosure either simply stopped or was discharged.

And if it goes really badly remember that student loans can't even be discharged in bankruptcy.You have a very long time horizon to invest (assuming you are of the normal 'just married' age).