But, a funny thing happened on our way to the Forum: we were able to learn first hand how to manage properties, deal with renters (including the House from Hell and the Renters from Hell on our 3rd property), what to look for in deals, etc. 

Then I thought I could buy the house from my dad for $300,000, which would include the money needed for the rehab instead of doing 2 separate loans.

I would just budget to fix it and include that in my offer price. 

(Form 1025 for a 4plex which includes sales comps + rent comps)

Almost everyone here on BP will tell you that they wish they had started earlier, myself included.4.

I could probably rent it for $750-$1000 per month over what the standard monthly costs are right now (not including vacancy, maintenance, management company, etc).

I own BlueRibbonHomes, a full-service brokerage that includes property management.

This would require you to each report your share of the activity (depreciation included) on your individual tax return according to ownership %. 

Don’t forget to include potential points.

And lastly, there is only about 47 different times a person is told risk is involved, it's investing, results may vary INCLUDING bad potential results that can loose some or even ALL investors capital.