As a realtor, I'd suggest wholesaling / listening to all of those podcasts, and using those techniques to find an owner financed deal. 

Bigger Pockets is great and we can all talk about techniques, and methods, and strategies....but knowing what plumber to use - we need to go local.Visit your local REI groups.

Should I back out of this great deal to be safe?

I’m currently looking for multi-family properties (little repair and safe areas) and SFH that produce positive cash flow.

$2 mil in the right (safe) accounts could give your Dad plenty of monthly income to live comfortably for the rest of his life.

Great, Have a safe drive, enjoy the scenery 

There’s more to America than your booming metropolitan city lol I’ve bought Nice houses for far less that have been wonderful safe investments and in decent areas too. 

Where you think you're playing it safe, all you're doing is an inaccurate analysis. 

It's always good to point out the benefits ("wins") of your offer to the seller.Remember, you're trying to find out their problem and provide a win-win solution.Might be good to use the 3 offer technique.

As always do your home works but I think to be somewhat safe as there is always substantial RISK, a 14 to 15% IRR in 4 to 5 years without a major renovation or major price increase in rent can be a safe play.