So what do you think is the best way to get a banked owned or other preforclosure or unpaid bills issueses ? 

Age: Mid 30s, job: decent and secure, pays all the bills now, goals in real estate: to build a passive income so that the job (over $100k annually) becomes optional.

Once they are in a retirement home they are down to a single bill/expense.

@Bill Caraker @Russell Brazil thanks.

My concern was that I got funding and do not have the power to invest in the area I know really well which is NYC but I would like to get to know other areas so I can invest my money in less difficult areas and sometimes even a better turn around but I do not have experience in those towns

If he does see you as a kid or you dont see you and your dad as equals, I see a potential power struggle.

I had a client recently buy a 2 unit in Albany Park + unzoned attic and then were able to legalize the attic on zoning doc from an old water bill ended up being a huge value add likely over six figures added now being a legal 3 unit. 

Originally posted by @Bill Plymouth:There is always a risk.  

There are limits on gifts each year, so you don't want to get hit with a big tax bill for doing it the wrong way.

So far, I plan to create an LLC in Rhode Island, open a business account and a business line of credit, have all the earning and bills from the short term rentals go into said account, and have the LLC sign a lease on each of our properties (which my wife and I will own under our name) and then transfer the earning after expenses from the LLC over to our personal bank account.