And by doing that, would we be eligible for the lower down payment requirements rather than needing the 20-25% for an investment property?

Fair housing laws require that certain forms of income MUST BE considered.

He cannot benefit from only myself fulfilling the section 121 requirements.

Managing the $40,000 renovation budget required careful oversight to ensure timely completion.

If you remove yourself from the deed, you are gifting your ownership to your dad which may require the filing of a gift tax return.

We hired someone to oversee work done on a property that was out of state, and it wasn't even a rehab just a list of projects and maintenance.

Managing the $30,000 renovation budget required careful oversight to ensure timely completion.

Cost to file taxes is higher for entities, and multiple entities each require a tax return...Mine cost $1200 per entity to file each year. 

Also, it is a new build, so maintenance is going to be minimal Rent Numbers:I can rent the house out for 2800/month conservatively (maybe 3k)Loan Details: mortgage remaining: 310,000FHA matures 10/1/2050rate:2.75%asking price:590,000

I am hands on micro managing maintenance issues.