He will be totally hands off and only role is to provide money.My goal is cash flow and another investment(same as my father).I have limited free cash on a tight budget but have access to a heloc loan for expenses if needed.

Quote from @Robert Gunn: I would also be very interested in hearing student or JV experiences with Pete and his program.I stumbled upon him by chance and for fun (I've been investing in land for years) signed up for his "free" course, which he promises after he pitches his $499/mo software system (which is basically an overpriced CRM) and then after the first "Level" in the course, you are directed to a pay page to access the rest of the "free" course.  

The cons as i see it include loosing the 2 of 5 year cap gain exception, typically not an ideal rental because the emphasis at purchase was buying a good home for your family and not a rental with optimal return (my ex-home consistently has the lowest cash flow for equity in my RE portfolio), not disconnected enough from the property causes addition angst on damage and may result in over improvement.  

Landlord had to move to a different state to have better access to healthcare, i.e. did not move by choice per se.

You could form a month to month lease with a just a days notice to vacate so you could end it as soon as you get your license ready to close, the seller might be open to it.https://www.hostaway.com/blog/rental-arbitrage-joshua-tree/Or, you could continue to list on the seller's Airbnb and you could become a full-access co-host on their account - handle all communication, pricing, etc.

Future gains on the investment portion may be deferred with another 1031 exchange, while gains on the primary residence may qualify for the $250k/$500k exclusion if residency requirements are met.This post does not create a CPA-Client relationship.

It is about creating an experience and really focusing on easily accessibility with convenience. 

My dad and I (both with access to VA loans) are about to get into the multifam game and how we proceed is really going to depend on the true occupancy rules for the VA and our lender.

@Landon Sheveland People do fix and flips while living into the property to classify the property as primary residence and not pay any capital gain taxes. if that is your intention, don't use LLC to establish this as your LLC.If your goal is different compared to what I said above, you can use LLC.

Lowering the credit score threshold slightly could widen your pool while still screening responsibly.Also, ensure your pre-screener is clear and easy to access—unanswered inquiries suggest it may need adjustment.