If you do not know the ARV it is difficult to determine the proper purchase price that will allow you to eventually complete the Refi portion of the process. 

The capacity of the septic is what determines occupancy.  

The statement below appeared in my LOI. “ The estimated triple net expense reimbursements for the first year are yet to be determined?”

I picked up the payments as an heir, where I paid the remaining balance of $14k.

@Rana Kaleel it really depends on what you're looking for in an investment that will determine if you will find anything there, are you looking for buy and hold income?

Howdy @ROLAND BARBEITOI would analyze your market to determine a good ARV based on recently sold comps. 

Focus on the aspects that will help you determine if they are likely to be great tenants or more risk.

I don't have much experience to determine if this tenant is good.

If the interest you're paying your father or someone else, combined with the interest on the mortgage, combined with the principal paydown, the rent received, the expenses... if everything results in cash flow that meets your goals, then it will all come down to mustering the faith to take that next step.I would highly recommend connecting with someone locally who has house hacked... pick their brain, learn how they made it work, etc. 

If you're looking at single family homes (SFH), the best way is to look at what has sold in/around the property that you are trying to determine the value of (preferably within last 6 months; location dependent).