Go DSCR and up the LTV to 80% if it will debt service if not keep it at 75%.Second option is get a portfolio loan you are buying more then 3 properties.DM with any questions if you want to understand blanket portfolio loans. 

If you will only have time for one property consider a really good management company for your current properties (assuming they’re in one area) so you can concentrate on your family and one new place just to keep your hand in.Pay for the new property by offering second place interests in your current properties in addition to a first on your new property.

The second property will be purchased with a mortgage (you can determine how high or low the leverage will be by adjusting the proceeds you use or the price point of the 2nd replacement).You are adding some measured debt at a level that your dad can be comfortable with. 

Do you recommend having additional savings in the bank, if so, how much? 

@Reddy Rangareddy   Not sure what your investing objectives are but if you finance that property with current debt and say rent is ~$2k/month or maybe even a little higher, then it won't cash flow. 

Lastly If you don't intend to live there you might consider a house manager, and definitely consider additional cleaning costs and parking.

Yes, you can pay the additional amount to bring your loan amount to the maximum county loan limit.

These are professionals with additional training and a stricter code of ethics.

Another neighbor told me she offered them an additional trashcan but they refused. 

Voucher amount goes up with each additional bedroom, but so does wear and tear on the property.