You will have to use your own estimates using the the seller's financial as a starting point. 

My question is about the best path forward to rehab and eventually buy this house from my dad with the least financial and legal impact on us both.

I think the due diligence in purchasing performing and non performing is extremely important considering the potential repercussions of a bad deal.

-Ability to read and understand most contracts and financial documentsWhat I need:-Money to fund deals likely 400k-1.2 million for first acquisition-Multifamily Experience for the loan and to make raising the money easier (probable possible without, but much better with)-Net worth and Liquidity requirements to qualify for the loan-Experience in turning around a value add in 12-18 months successfully -Experience in Underwriting deals and due diligence-People who are very good at organizing and systematizing-People who excel at operations and administration-People who have a great understanding of construction and contractors (Boots on the ground is a huge plus)All honest feedback is greatly appreciated.Thank you!

If they let you do it for financial gain, then it is up for debate by others. 

Hopefully satisfactory review of the financials is one of them.

They do CPA and Financial advising.

My goal is to obtain financial freedom and not feel the need to work a full time job when I am older.

I've made it into the mid 30's and had no idea there were so many ways to invest in real estate.Between the podcast, E-books, forums post/articles and other resources on the website, I have found a great place to learn more about real estate and continue my journey towards financial independence. 

That kind of loss would be devastating financially and I need better coverage.Once you know your answer to that question you know which type of policy to take.