I'm preparing to make a couple of these investments in the next 6 months and trying to start by planning my financial life accordingly. 

If you have one of the major financial institutions (Fidelity, Schwab, Merryl Lynch, Wells Fargo, etc.) setup your plan then they as custodian will limit your investment choices to that of their offerings, usually stocks, mutual funds and bonds.

I would ask for a rent roll, leases and financials.

If they are not able to save up a security deposit, they will not be able to do a number of other basic independent living and financial things, either.Also, don't make the rent too low or you will attract addicts. 

I was looking at buying my first rental property in the spring but my financial situation improved faster than I anticipated and it looks like I’ll be able to purchase by the end of August early September.

I will handle negotiations/finding tenants if we choose to rent/financials while my dad will manage the property and take care of any small repairs.

I am hoping some lenders or well seasoned vets on this website can help me.Most conventional financial institutions will finance a property at an 80/20 LTV.

Do I have any tax or financial issue?

A SFH makes no financial sense to me

I understand my journey as a real estate investor will take some time to become financially independent, but I am in it for the long haul!