People said prices were out of control and way too high in 2014-2016 (you can find many threads on BP about it). 

However, upon transferring it back to your dad, the basis is not relevant anymore.In the end I would highly recommend you reach out to a tax professional here to get this sorted out.

According to the Fair Housing Act and the Americans with Disabilities Act:Even if a landlord has a no pet policy in place, the law does not consider service animals as pets and therefore the service animal is exempt from such a restriction.Service animals are allowed anywhere a person would go, including food areas that would normally restrict an animal’s presence.Landlords cannot charge a pet deposit or pet fee for service animals, however the tenant is liable for any damage that the service animal may cause.Landlords can require written verification from the tenant’s health care provider that they are disabled but cannot ask for any specifics about the disability.Landlords can require written verification from the tenant’s health care provider that the service animal is needed.Landlords can request copies of the animal’s health records to prove the animal is in good health, parasite-free and immunized/vaccinated.Landlords can write warnings or even evict a tenant with a service animal if the animal is disturbing others, posing a threat to others or causing considerable damage to the property.In other words, you can ask for appropriate paperwork concerning the tenant’s need for the service animal and to verify the animal’s health. 

I agree with the sentiment of "you must be highly organized." 

I live in Northern NJ and as I mentioned the barrier of entry for me in NJ is too high.

Agreed, it will impact the convenience and may strain with high-income tenants..  

Those funds won't be taxed and you can use them to buy your food, convert back to an Airbnb for income, and use some of it for a down payment on your dream home. 

Luckily I stayed in the car and they let me drive away.The problem with some of these C class areas are that you're going to get high vacancy, evictions, and high turn costs with tenants damaging the property. 

Market Knowledge: These agents typically have in-depth knowledge of the local real estate market, including areas with high investment potential, upcoming developments, or changes in zoning laws that could affect property values.

(probably not-they've got the 'high-ground')But like my dad used to say: "Ya don't know how far a frog will jump, 'till ya pock it!"