Does that mean I need to wait for two more years after I get a full time position?

Probably the easiest way if you are going to keep the condo is to have a rental agreement with a tenant written up showing that you have at least neutral cash flow, if not positive from the rental income and then have lender who will count that income.

She's not always in the position to see houses the next day, but we can be.

Do you get positive responses when you do mention the back taxes?

I look at Population & Job Growth, what major Industries/ Employers are in the market, major Airports ease of traveling from NYC to my new market, traveling costs etc, Purchase price to rent ratio I follow the 1% rule but in hot markets it gets harder to find.Markets depends on what you are looking for, if you want positive cash flow every there are a lot of markets that can accomplish this.

Owner financing could be ideal, and if she is currently taking a loss, just giving her some positive cash flow a month would be a big improvement. 

Many rent control advocates point out that rent restrictions in San Francisco haven’t stopped development there.She added that SEIU hasn’t taken a position on the Costa-Hawkins repeal.

It can however at anytime be called to question by the city and could pit you in a position where you have violations and are required to de-convert it back to a basement.

@John T.Looks like your father's position is that of a private lender or passive investor, as opposed to a partner.Even though he is your father, you really should define economic rules between the two of you. 

It wouldn't have positive cash flow until year 4.