My cousin recently approached me and ask if I would like to have his condo. 

At this point I started researching loans and quickly figured out that to get an individual loan on each property was going to be a bear because of the Fannie and Freddie limit when approaching 6 loans.

I would be happy with either approach.  

I have been trying to learn as much as possible about the topic of support animals, ESA, or otherwise and looking at how different groups are approaching this. 

Personally I am a lone wolf so I go with the slow and steady approach in CA. 

It may not be in the right segment of the flood plain, or be the wrong type of benefit (flow, storage or area) but it could be and it would be a win-win potentially.None of these may actually be useful, but the only way to find out will be to physically explore each one....This is really a detailed approach to the old "offer the property to the neighbor".

You laid out the pro/con of each approach in your post, so I would take it one step further and do this exercise with your dad:Sit down for 30 minutes and ask, where do we want to be in 3yrs, 5yrs? 

Need thoughts on best way to approach this.

I am really getting close to purchasing a home in the next 7-9 months, but do not know the best way to approach where.  

I'm open to a few approaches.