For example, a few years ago I read The Motley Fool’s “8 Steps To Having More Money Than Your Parents Ever Dreamed” and it was great because it was written for high schoolers and could be understood by anyone.

Understood.

Just keep in mind that this is still a Landlord-Tenant relationship and that your points need to be well communicated and understood amidst the side conversations about the Caveliers and Indians game. 

From what I understood when trying to buy the place in miami they barely squeezed my loan through with some engineering and I had to put 50% down.

I wish I had understood the power of multi-family real estate 20 years ago. 

I do not *think* we are interested in doing that as it seem cumbersome with regard to banking: 3 accounts per property = 9 bank accounts = too many accounts + the expense of opening LLCs, etc...I'd be willing to hear a counter argument though.The broker understood that and thus suggested for each of us to open our own (separate) LLCs, then in our Operating Agreement, have the original LLC be "in charge" of the other two.

The delay was due to rehabbing the property- which I was told and understood.

Equity capture, Principal paydown, Appreciation, and rental income.Us folks in the midwest tend to forget how appreciation works in some of those hot zones like that one appears to be in.I have always understood it to be that the biggest regret any investor has is selling any property.But before you just take some 2% rule and use it or even 1% rule to determine whether to keep the property or not, I would look to see what both scenarios would look like - in the short term and the long term - and then make your decision.Here is what you have if you do nothing:350k in equity. 1100/mo in net profit (13k/yr).

It's understood you and your father have the experience to undertake the conversion but you must factor in the cost of drawing up plans and getting permits to convert into two new apartments.  

I also built my own tool (basically reverse engineered Gallinelli's in order to make sure I understood exactly what it was doing behind the scenes).