Structural engineer report is $500 and not sure how their e&o insurance works.

As you think about it, factor in your own pleasure/convenience in living in the house in the location, any income you might receive from the rental unit, and balance the personal benefits vs the strictly financial aspect.Can you make money from the garage w/o significant investment? 

Also, agents doing their own deals can be E&O insurance liabilities as many E&O policies don't cover self-represented deals. 

You may be able to double your money o the first deal.

You can't manage the properties of others w/o being licensed in Georgia.   

It shouldn't matter if the seller is your father or some guy on the street.If they were selling it "distressed" we could maybe throw out a number like $450k for the sake of an example if they wanted a 'fast, easy and discounted' sale without dealing with brokers and agents.Expenses w/o a loan or mortgage are about $6600 a year (this includes property tax, insurance, HOA dues).Current rents they collect are well below market at $14.4k.

and 2) how do you take that first step, especially financing w/o prior experience.  

I could potentially take a 50K loan from my 401K, but I really want to save that for an o crap moment if I ever have one.What kind of capital does one need to have to really get into HML / Private Lending successfully? 

If you could sell it w/o real estate commissions i bet you can get out  without losing anything at all.

If you’re dead set on it, you could consider going after the leasing agents E and O policy and file a claim there.