Actually, I think you hit it right on the head with this one, we are not Detroit, we are CLE "Cleveland" Our housing stock and rental market is lush with fruitful inventory, we have been a workhorse during tough times and a stallion during good times, I recommend checking out some of my other posts about CLE, and I encourage you to come visit us, I assure you that you will develop a whole new perception of our great city and everything it has to offer.

There is a lot of inventory available right now, and it is going to increase.

Also, I've been pre-approved for a conventional loan for my first home. 

It's an as-is property so it's not conventionally financable, although we are willing to do a seller carryback if the numbers work for both parties. 

Below are what I know as options.1) Conventional - My dad gets the lump sum, but I don't get any benefit 2) Land Contract - My dad wins the "long game" with financing it to me, maybe he'd offer a price break.3) Living Trust or Land Trust?

What type of loan does he have on the property (FHA, VA, conventional)?

I'm a Realtor in south Florida and inventory is very low.I called some of the numbers and 2 are the "For Sale By Owner" signs are from listing agents/brokers. 

Assume good credit and ability to get a conventional loan. 

I understand that for a Fannie Mae conventional loan, if you don't have tax returns for a rental, most lenders will count 75% of your rent as income and the full PITI as your debt.  

From then on, you're largely insulated from exchange rate drama (since you'll be servicing the debt, collecting rents, and paying expenses, all in US dollars), at least until you sell.Also, while in theory you probably could structure an owner financing deal with a variable rate tied to the US/Canada exchange rate, you're probably better off keeping it simple and easy for a non-pro seller to understand.Speaking of which, how does that work with conventional lenders to foreign nationals?