@Jordan Akins Talk to your accountant or @Basit Siddiqi above, about your dad 'gifting' the property to you and the associated tax savings with that transaction.

@Kynly Cazeau usually first time home buyer programs are highly leveraged, meaning there is little or no downpayment required, or the downpayment is itself a gift or second loan.So if you bought it back in September then the property has an extremely high loan-to-value, for example 95%, 97% or 100%.

Send me a PM if your interested in talking shop.

If you want to chat more about partnering and talking shop hit me up!

He could gift the properties to a Trust.

I also picture them happy.Self actualization: I tell myself that I can do it and become a successful REI, and God has blessed , with gifts and tools to attain a life of joy and abundance.

It's worth shopping around.

Shop it around as they are all different.CAP rates are set by the buyers in a market however the bank will do the appraisal so in your case that will determine the value.Smaller properties like this will not be valued so much on incomes as it will comps and replacement cost.You are likely going to need 20-25% down, good credit, enough income to support your portion of the debt and cash reserves of probably 6 months.

@Brian Salazar let a mortgage broker shop your loan out for you to save time and money.

IMO, a TK provider who opens up shop in a new city that they do not live does not have the experience necessary to truly known the in's and outs and historical trends within neighborhoods.