Gas money/car expenses, cell phone bill, and some legal paperwork. 

If dad qualifies for a Solo401k (legitimate self employment activity and no w2 employees other than spouse working more than 500 hours annually) he can take a participant loan up to 50k or 50% whichever is less and use that for any purpose including loaning money to a prohibited party.   

Your Realtor can recommend an honest person to be your project manager- the job requires a notebook, cell phone and to go to the subject property for 30 minutes at different times 7 days a week.

Here are the main indices of Loan Underwriting (keeping it simply):As-Is ValueAfter Repair Value (ARV)Loan to As-Is Value (LTV)Loan to Cost to get to ARV (LTC)Types of Lenders: Conventional or Hard Money (there are others but let's keep it simple)Conventional Lenders will look at the AS-IS Value of the property and on Residential Properties will typically loan up to 80%LTV or up to 80% of the Purchase Price, whichever is lower.

RE is nothing but numbers, whichever makes more sense. 

Solo 401k has a participant loan feature (50k or 50% of total plan assets (fully vested) whichever is greater)2. 

The property is worth 210k and I owe about 140k on it.I have another 80k saved up and would like to put about 60k towards my next property (leaving 20k for emergency funds, rehabs, personal fund etc.)I have zero debt (no student loans, no car payment) outside of the HELOC I had to purchase the first property I stated above and most of my living expenses are paid by my employer (car, gas, cell phone).I am based out of Central Pennsylvania and am looking to stay somewhat locally for my first few properties (Harrisburg, Camp Hill, Lancaster, Hershey etc.) and am not really interested in out of state investing.Just looking for some advice or input on what you would do next if you were in my situation,Any input and info would be greatly appreciated, Thanks!

Quick note since you're doing real estate related software: Go make some decent mortgage origination software (not marketing software, not a cell phone app -- origination software).

As a General Rule, my Desired Profit is $20,000 or 20% of ARV whichever is greater.

Repayment would be a normal amortization of whichever rate/month you choose.You can still use Option 2 if you are leaning towards a flip, obviously.