Even if you are able to cash out on it, you really won't be making any money, especially when you factor in vacancy and repairs.If you are set on this being an investment property and you are sure it is worth $210k, your best bet would be to unload it, take the cash and move on to something else that would be a better rental.

The question is whether I should expect an appraiser to include any type of reserves in his/her calculations considering the building is essentially going to be new construction?

It sounds like my best bet is to talk with the current owner and try to get him to sort things out prior to the closing.

It is infectious, and I would bet Dad would soon be on board with your line of thinking. 

I think your gut is telling you that that betting on appreciation as your only out is not the wisest choice. 

I've been researching online for the best exam prep courses and it seems like KAPRE/Brightwood Real Estate Education is my best bet as I do not need to take continuing education. 

Sorry for my ignorance however, I must ask this question: Does anyone know the difference between "Purchase Closing Cost" and the "Sale Closing cost (not including commissions)" entries on the "Fix and Flip Analysis & Reporting Tool" in the Bigger Pockets calculators?

Your best bet for finding deals is to out hustle the other guys. 

@Jimmy Ready To calculated PMI you can use online calculators (Google).

But very risky, not recommended.Best bet is to find a partner who can back the money.