Our goal is to build wealth for retirement through a buy and hold approach. 

I thought that was the goal of a lot of investors.

@Gustavo Gonzalez A lot depends on your personal goals.

My goal is to buy the property via lease option purchase and then resell it with a lease option purchase and cashflow while waiting for the new buyer to qualify for a loan.My concern is that the monthly payment could eventually exceed my cashflow.My original thought was that I set a fixed monthly rent amount in my lease purchase agreement with the seller, and anything above that is his responsibility.But my concern with that is what if he doesn't continue to pay the mortgage?

Depending on taxable income of the LLC, your dad's other taxable income, projected growth of the business, and your dad's goals for the business, an election to have the LLC taxed as an S Corp or a C Corp might make sense now or in the future. 

Set goals to go out and view houses, even open houses.  

Depending on your goal and strategy you can flip or BRRRR an apartment complex, the same way you would a SFH (over a longer period of course) and make a fantastic return.

You're accelerating your education by constantly putting yourself in position to talk to people with problems, much faster, and on a much more consistent basis.  

It all depends on your goals, capital available to you, and the amount of time you have to dedicate to this.  

I'm not sure what your investment strategy or goals are, but if it's pure cash flow, honestly, the numbers are not great.