Joel, your father certainly can setup a self-directed IRA for real estate investing.

A lender they told me that on a cash out refinance on a rental house I own in my name, that the homes owned by my Self Directed IRA, the expenses like property taxes would count against me personally in calculating my DTI.

Most of money is in an IRA.

You do have to be a little bit careful because there are very strict rules that can void an IRA if you misstep, but overall, I'm a big fan.

Seller Financing that I previously mentioned, having family members and/ or friends restructure their Retirement IRAs to Self Directed IRAs that will allow you to bring them aboard in a Joint Venture or as an Equity Partner.

I’m in the beginning process of rolling over my 401k into a self-directed IRA. 

Perhaps you can connect with other investors who are looking to lend out of their self-directed IRAs.  

I have an personal, IRA and LLC accounts on lendingclub.com$1M could be $60k of livable income easily with a 2% return on top.If you do buy property buy an existing IRA and put them inside the tax shield.

My IRA owns a note in second position on a house where the borrower is currently in a Ch13 payment plan.

You can borrow the 15% from friends or family or use a self directed IRA.