Then you specialize or hire legal, operations, finance, investor relationships, concept, deal analysis, Which investment level your at determines what experience you need.  

Hypothetically, if I found a property with strong rental demand, the income could cover loan payments, operating expenses, and generate a modest positive cash flow.While this example involves upfront risks, the idea would be to leverage my father’s expertise as a contractor to minimize renovation costs, boost the property’s value, and create a long-term asset that appreciates over time.

The best way to think about it is you're in the business of renting a property-that business isn't operational until it's ready and available for rent (aka in service). 

In Pittsburgh, where I live and operate, this would be a two to three-month process in front of almost all out local district magistrates.

So, WHY screw with a successful system that your able to operate without undue stress? 

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

With insurance rates going up, best to find areas with the lowest operating cost.

It has been operating for 2 months now.

No lending institution or bank would be permitted to operate with those ratios.

I added a pool and did some landscaping and have been using it as a family winter retreat and renting it to a STR operator the rest of the year.