It sounds like you’re in a great position to get started—$100k saved up and a clear goal are huge advantages.

It sounds to me that your current lender is offering 67% LTV, which is the norm for most true hard money lenders. 

It sounds like you should probably give them the entire $1,500 if they’re your friend.

@Brian Plajer - sounds good.

It sounds like you got a solid plan for your first investment. 

Sounds like this property is better suited to be a LTR.You will likely get some unfavorable reviews about the neighborhood that may make your decision for you.

You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

It sounds like you’re setting up for a solid multifam portfolio—between you and your dad, the combined entitlements give you a lot of flexibility.

Hiring a lawyer sounds expensive, but it is way cheaper than hiring a amateur (in this case yourself) who costs you money and provides no results (and then you need to hire a professional anyway).My personal philosophy is to "do it right, or do it twice" and its way cheaper to do it right once. 

I know this sounds a bit like a weather forecast - "Sunny with a chance of rain" - but my crystal ball seems to be on the fritz right now.Best regards, Stevan