What are my best finance/rental property options here for cost and taxes (both for me and some consideration for my dad). 

@Joseph Cacciapaglia I’ll definitely take that into consideration.

If you have to bring in a property manager you may reduce that income significantly and if you're leveraging the purchase, then you need to take that into consideration as well.  

Perhaps other areas rise first, then this area follows 2-5 years later.

After doing considerable homework, and consuming everything I could from Michael Blank, Joe Fairless and Matt Faircloth just loud enough for my wife’s to hear (I had to get her on board too of course), we put in an offer and got it under contract.

After doing considerable homework, and consuming everything I could from Michael Blank, Joe Fairless and Matt Faircloth just loud enough for my wife’s to hear (I had to get her on board too of course), we put in an offer and got it under contract.

The most common concern i was trying to address is taking advantage of an unsophisticated borrower and obtaining their property with equity in it, without adequate consideration.

@Casey Creighton Congratulations on successfully saving a considerable amount of money, that's smart decisions and hard work! 

Here are the general considerations regarding 401k loans.401k Participant LoansIf your 401k plan allows for 401k participant loans, the maximum loan amount is equal to 50% of the balance up to $50k.

@Kumar Gaurav My only experience is between San Francisco and Arizona.San Fran has a heavily increasing homeless problem with rising taxes plus its super expensive.