You are correct that prices are high, it's also good to know that 2-4 unit properties are extremely popular at the moment.

This is helpful for a few reasons:1) It will be easier to track performance of your rental.2) Your CPA will thank you come tax time.3) You' will thank yourself for not having to dig through old receipts, bank statements, etc. to find expenses and income for tax time.

The first people that lose their money in a downturn are those that are lending at insanely high LTVs without adequate underwriting experience including determining if the borrower's qualifications based on credit/character, capacity, and collateral.  

I gave him a bill for the damaged ceiling, he said it was too high and will not pay that amount.

They provide a ready-to-assemble cabinet, but it comes with all the bells and whistles:Plywood ConstructionSoft close drawersGlazed FinishesIt really is a nice, high-end looking cabinet and assembly is fairly easy.  

However, upon transferring it back to your dad, the basis is not relevant anymore.In the end I would highly recommend you reach out to a tax professional here to get this sorted out.

Like any other high-end resort market, Hilton Head has had a need for workforce housing for quite some time.

There is a vetting process for members, which helps to keep the quality high, but a downside is that it's not as big as other groups. 

I would prefer the risk of a renovation to upgrade a building as opposed to location risk with a high risk tenant pool. 

However one thing that would make trouble for me was that I had some pretty high standards I was keeping the tenants to in an effort to clean the buildings.