When reading your initial post, I got the impression that you were able to acquire the broker's license in the same way people avoid college classes by taking CLEP tests.However, I still maintain that you will benefit from working side by side with an experienced Broker who can show you the ins and outs of a day to day operation including reviewing agents' contracts, meeting compliance criteria, and so forth. 

My wife is scared of what could go wrong so hiring a PM could give her some assurance. 

You also must remember that while in the beginning transaction might be structured in compliance with the rules there is always likelihood of it leading to prohibited transaction in the future because of disqualified person's involvement.

The landlord could rest assured that they weren't relying on a party-crazed 20 year old for rent - their parents were on the hook for it.

Plus, you have assurance that it's done right with a tenant in there and up to code. 

I made a few phone calls and while a few people assured me it was not in the flood plain...

If it is compliance as relates to city/county code, then go to the city/county and have them come out and inspect. 

Since you and your dad are 50/50 partners - you will each recieve a k-1 with 50% of the partnerships rental income/(loss).You and your dad will then report that information on your individual tax return.The above is just the compliance side - You and your dad may want to speak with a tax adviser to see if there are strategies involved to lower your tax burden.

Assemblymember Chiu (Chair)Assemblymember Steinorth (Vice Chair)Assemblymember BontaAssemblymember ChauAssemblymember ChoiAssemblymember GloriaAssemblymember WoodUse sample letter below, OK to cut and paste.VOTE NO on AB 1506As a property owner and landlord I can see the problems California faces with the housing shortage and high rents.I can also assure you rent control is not the answer to our housing shortage or high rents.If the Costa Hawkins Act is repealed it will have a chilling effect on development and new multi-unit construction will come to a screeching halt, thus leaving the state in an even more precarious situation.The repeal will not create a single new unit and is not an affordable mechanism.It is not a solution to the problems the State is facing.There are more people than available units and we need more housing, not less.

Assemblymember Chiu (Chair)Assemblymember Steinorth (Vice Chair)Assemblymember BontaAssemblymember ChauAssemblymember ChoiAssemblymember GloriaAssemblymember WoodUse sample letter below, OK to cut and paste.VOTE NO on AB 1506As a property owner and landlord I can see the problems California faces with the housing shortage and high rents.I can also assure you rent control is not the answer to our housing shortage or high rents.If the Costa Hawkins Act is repealed it will have a chilling effect on development and new multi-unit construction will come to a screeching halt, thus leaving the state in an even more precarious situation.The repeal will not create a single new unit and is not an affordable mechanism.It is not a solution to the problems the State is facing.There are more people than available units and we need more housing, not less.