There a great many benefits when investing near the university- its the largest employer in Cincinnati, student population growing 6%/yr, I've had 0 vacancy, it's just 2 mi from over the rhine(think silver lake) and downtown, it presents cash flowing deals while well in the path of appreciation, and every major hospital in the city is within 1mi.

The next option I thought of was buying a rental property with money I have saved up, renting that property and using its cash flow to cover the rest of my dads mortgage.

Multiplex scale easier and typically have better cash flow (excluding some off market SFR because there are so many SFR it is easier to find better/more off market deals). 

If you take the expected income and back calculate, you can determine a price for what cap rate (or cash flow) that you are targeting. 

To me it almost seems kinda like a wholesale deal but even if I end up holding the property for longer than I want it's no skin of my back because the property will be cash flowing.

On your average duplex in this area there goes your next decade of cash flow/ you may have to pull all of the equity out of building or sell it.

Other considerations... we have a primary residence with about 360k equity; we own 3.5 investment properties, all with positive cash flow IF depreciation is backed out.

Make sure you will cash flow after you pull equity.

Minimum Cash flow per month?

I like the idea of tenants paying my mortgages and still having a cash flow.