Not sure how close you are to the partner but you may want to work with someone else for these kinds of rehab projects in the future. 

.- Have attorney draw up a contract to do this.Suggest you offer your dad some cash, now or in the near future, to motivate him to transfer his ownership to you.It may not work out, but you will learn a lot either way!

These connections can provide insight into reasonable pricing and offer trustworthy referrals for future work.

Large Metros get this.You should be looking in growth markets which have higher cap rates - but the future projection is they will decrease.Mid-west for instance. 

You don't know for sure exactly what their occupancy rates are but you can certainly get a feel for it by seeing what future dates are open.

This is a marvelous idea!

But most of these bridge loans have future funding components where the lender will fund renovation work as the work is completed and add that to the loan balance. 

You might use the word in the future to explain your idea.   

-Creates a solid foundation for passive income, allowing you to reinvest future cash flow into other opportunities without as much financial risk.Cons:-Ties up a large amount of capital that could potentially be used to generate higher returns elsewhere (like another STR or other investments).

I would consider doing a portfolio loan in the future but for now thats not necessary.