Tara A. this topic has been covered hundreds of times here.

(Whole other topic in itself!)

http://www.biggerpockets.com/meetAlso, be sure to set up “keyword alerts” to notify the topics that interest you. 

https://www.biggerpockets.com/forums/41/topics/689...

Not exactly on topic, but if you dad is making that much money, and he just started collecting ss, there is an option to pay back what you took from ss and suspend his benefit until he is older. 

Terry, this is a great topic.

You'll find tons of info online - but like @Sunny Suh recommended, you're best bet is to speak with a lender and outline your particular situation.Here's a link to get your research started: http://portalapps.hud.gov/FHAFAQ/controllerServlet?

If you are self-employed or own a small business your best option would be self-directed Solo 401k plan, which comes with number of features that are not available with self-directed IRA, and you don't need an LLC to gain checkbook control and custodian is not required.This topic have been discussed here on the forum many times, in length... so I suggest to start you search the forum for the related keywords.

I have not found a single family house but would look to spend around $350k with a 20% down payment.The multi family house I have found and am considering purchasing is a duplex that is outlined below:Asking Price: $500,000Loan DetailsDown payment: $100,000Loan Amount: $400,000Interest Rate: 4%Loan Duration: 30 yearsRent RollUnit #1: $2,500 (owner occupied)Unit #2: $2,000Annual ExpensesTaxes: $17,500Insurance: $2,500Other: $12,000Capital Expenses: $40,000The duplex is located near NYC, one block from the train station so it is both convenient for me and should be no problem to rent.My questions are listed below: At what purchase price does this duplex make sense for a buy and hold strategy?

So basically I've been devouring books, picking everyone's brain who I know owns property, and Youtubing the topic.