A property manager who can educate you on a market, help you form a strategy, fit right into your due diligence process, and execute on a clear takeover game plan as soon as you hold title. ( very important if you are not going to manage yourself). 

My main caution at the moment is to get up-to-speed on NYS laws and be wary of purchasing occupied properties without verifiable pro forma. 

LOLJust kidding.For your dad it sounds like he would be a great candidate for an absolute triple net lease.You get mailbox money and the tenant pays for all costs on the property.It depends if your dad wants wealth creation or wealth preservation.I have some clients that have made millions already and don't want the headache of multifamily.They just want mailbox money form a national tenant and to outpace inflation as safe as possible.If you want I can be reached anytime.Really you would need to post more on what your dad's goals are for the 450k.

In Washington state we sometimes transfer in or out of an LLC and simply write "mere change of Identity" on the tax form. As

The "pro-forma trap" will bite you if it doesn't prove to be accurate. 

I'm debating whether to form a partnership agreement or if I should somehow put my name on deed?

Build a pro forma, even at a high level2.

Most pro-formas that you will be presented when purchasing investment property will typically have a 20% down and 80% loan to value scenario.Can you put less down the 20%?

If the pro-forma or actual cash-flow is satisfactory, I'd say go ahead and do it!

Here are the numbers:Purchase Price: $419,900Monthly Income:$4,800.00Monthly Expenses:$3,609.91Monthly Cashflow:$1,190.09Pro Forma Cap Rate:7.32%NOI:$36,607.00Total Cash Needed:$57,371.00Cash on Cash ROI:24.89%Purchase Cap Rate:8.93%Total operating expenses:Mortgage expenses:Vacancy:$144.00Repairs:$144.00Water & Sewer:$200.00PMI:$285.00Insurance:$416.00P&I:$1,860.49Property Taxes:$460.42Misc:$100.00