Also if i should phrase future posts differently, feel free to let me know.

Depending on taxable income of the LLC, your dad's other taxable income, projected growth of the business, and your dad's goals for the business, an election to have the LLC taxed as an S Corp or a C Corp might make sense now or in the future. 

Since it will be my first purchase I would like to start off slow, maybe start with $10,000 to $20,000 down payments for the beginning and then later scale up, and eventually get into commercial real estate multi family properties in the future.

If giving a 24 hour notice Keeps your tenants comfortable, it seems like a simple solution for healthy future relationships.

Currently does not have HOA but most likely will in the future - not sure what that monthly cost would be. 

@Shasky CharlesWelcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

You might argue that it provides the greatest cash flow, but there appear to be more profitable routes on the table.Item #2 appears to give you the fastest rate of portfolio expansion because you can theoretically have 5 units in the near future, all producing rent.

@Robert BodmerWelcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

I have a concern that if I buy today the shipment date could move further into the future for whatever reason. 

( i got the best partner ever, my future wife) and then we started to realized we could make money out of it.