I work with a number of investors from the Bay Area who are also trying to find deals that generate cash flow. 

It will be generating a monthly income less than 1% of value, and on top of that, you will be using a property manager.

In my Market Toronto I wouldn't recommend anyone to be an agent unless they have a minimum network of 100 professionals or willing to generate leads via cold calling or doorknocking that doesn't cost anything.

Is it bad if rental property isn't generating any positive cash flow monthly?

What i want to do will generate about $4,500/month with $180k all in.

We're going to generate leads via direct mail and cold calling.

Could the dad transfer the property into a trust, naming you as a trustee, and a beneficiary. the income generated is property of the trust, the expenses are reported from the trust, you'd basically be the manager and he'd be the owner, as trustee you can make decisions,(you'd have a power of attorney)   but he'd still be the primary grantor/ owner of the trust, your compensation for management is paid to you from the trust.

I have clients on their third generation of real estate wealth legacy with no tax thanks to 1031 exchanges and some smart estate planning. 

If you sold the homes in your park and moved them out, how would you generate continuing income for the park you have bought?

Easiest way to get in to real estate and generate  some capitol and some great connections.