The "pro-forma trap" will bite you if it doesn't prove to be accurate. 

I'm debating whether to form a partnership agreement or if I should somehow put my name on deed?

Here are the numbers:Purchase Price: $419,900Monthly Income:$4,800.00Monthly Expenses:$3,609.91Monthly Cashflow:$1,190.09Pro Forma Cap Rate:7.32%NOI:$36,607.00Total Cash Needed:$57,371.00Cash on Cash ROI:24.89%Purchase Cap Rate:8.93%Total operating expenses:Mortgage expenses:Vacancy:$144.00Repairs:$144.00Water & Sewer:$200.00PMI:$285.00Insurance:$416.00P&I:$1,860.49Property Taxes:$460.42Misc:$100.00

What makes a good partner, or an unnecessary one to begin with.First, there are only three reasons to form a partnership, and each partner must fill one of them, or don't partner with that person/entity:1 - The Partner in question must do something you can't do (the obvious one),2 - The Partner in question must do something you don't want to do (if you don't want to do it, you won't do it well),...and the last one, but the most important one...3 - The Partner in question must do something you shouldn't do. 

If the pro-forma or actual cash-flow is satisfactory, I'd say go ahead and do it!

Pro-formas are you bestest friend. 

LOLJust kidding.For your dad it sounds like he would be a great candidate for an absolute triple net lease.You get mailbox money and the tenant pays for all costs on the property.It depends if your dad wants wealth creation or wealth preservation.I have some clients that have made millions already and don't want the headache of multifamily.They just want mailbox money form a national tenant and to outpace inflation as safe as possible.If you want I can be reached anytime.Really you would need to post more on what your dad's goals are for the 450k.

Kyle,Your contribution to the LLC is simply an increase in your shares of the LLC.It is a contribution and in no way shape or form a loan unless you decide to loan the money.

I don't see anty reason for a LA to lie about most of the questions here with exception to the BPO price and the discount to ask that a lender might take.I think the questions are good and reasonable to ask (well at least most of them) and IF you can form a good relationship with the list agent, you may very well get the BPO price they submitted, I have many times.

In regard to common expenses of a rental, these are negotiable between the Tenant and Landlord, whether written on a napkin like in the old days or by using a more formal legal looking form, as long as there is a meeting of the minds and the document is fully executed without duress, you have a bonafide contract.