Even I was close to a  fabulous house but the inspector was so thorough and he mentioned Wood Destroying Organisms and we found so much termite infestation in the attic etc that I decided it was too much work and moved on:)

He is making it work, and has a multiple year track record. 

My thought was that it would be best if she does the primary STR work and log her hours and ensure that she spends more time on the STR than I do (at least officially logged hours... since I will most likely always be thinking about the STR... haha). 

If you're providing all the hands on work and your partner is the money, there's pro's and con's to each.

The building is fully occupied, needs little work and cash-flows really well.I don't have the cash down payment to close on it currently.

If the tenants are completely uncooperative, I would just give them notice that I will be entering to do work and I would have a locksmith get you in and have the locks replaced at that time.

Over next 18 months I filled the park (70% hard work and 30% luck) and that is where the real payoff came.  

This will increase the return above what can be obtained on a passive investment.The flipside of having the power to control everything is that it can be alot of work (and a full-time job if a person is putting in sweat equity).

Plenty of lists to work and some people had some pretty good ideas, even if they weren't exactly real estate related, no reason you can't use the same list.   

However, that won't work for several reasons:  1) The lender is not going to finance the $15k assignment fee2) The lender isn't going to consider the purchase price in this example to be $150k, they would typically use the $135k price in the original contract, and 3) In this particular example they may not even use the $135k price because it's not an arms-length transaction since it ultimately boils down to a deal between you and your father.I applaud you for trying to be creative, but ultimately what you're proposing isn't going to work and it's going to make the transaction a lot more complicated than it needs to be.