Assuming you are the PM is this situation...1) you would need a management contract with the name of the new property owner  and designating this ABC as representative.  2) Re: rents. 

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

What are the fees, penalties, or other main factors to consider with these accounts?  

Questions I have is if it makes sense from an ROI standpoint, as my several pro forma calculators don't really factor in these 'family' variables with what my Dad is proposing:Here's the scenario: Purchase duplex of $350k - $400k.

It’s a hybrid option that designed to give you the best of both worlds?

However, when you factor in the time value of money, and the minor(Or major) remodel needed after a tenant moves out, you might as well just keep flipping.

Why I'm Here - While I feel pretty confident analyzing projects, designing the home, and completing the work, I am not as confident on the front end especially finding properties.

I've also been told that vacancy rates on a 3 bedroom apartment are actually higher than a 2/2 - so the reality might be that going 3 bedroom would actually be worse off economically once you factor that in. 

So on the high end this leaves ~$20k in the SDIRA (factoring in funds required for setting up the SDIRA). 

I like the terms and this is my first owner financed deal as well as my first potential rental property so I don't want those factors to cloud my judgement.