We had a 6 plex boiler go out.. was a 4 day deal.. sub zero temps.. we had to of course drain the heat lines and leave water dripping.. gave tenants multiple heaters and prayed the heat guys would get done. tenants ran their stoves with heated pots of water on top for steam. 

plus by owning the home you can list it for say 120k and sell it retail and make your self a whole pot full of money.

& you are right...rent to price ratio doesn't make sense.Listing agent advised listing it for $620K, staging it, etc...Property is free & clear, but what i could net is still not enough to do a good 1031 exchange.

This would allow for a comfortable retirement.I spent years analyzing deals from different markets across our country looking for my honey pot.

The word "net" is in quotes because there are some really cool things you can write off on a two and a half month business trip!

I'll look into RamJack, but with tenants in place it may stir up the pot.

At time of sale the net is split 60% to your father and 40% for you.

Your one safety net is a double close.

I certainly would need enough for a down payment + a slush fund if you will for the fix up, + another pot of money in case something were to go horribly wrong.

Based on what you wrote, your net is going to be closer to $100-$150 a month, after paying out $150-$200 to the property manager, not including the first month's rent you pay them as commission for bringing you a tenant.