Could anyone give me insight on what to provide to a private lender for them to make an informed decision?

It will take you through step by step and get you some good good numbers to make an educated decision.

Just curious why you have made the decision to not manage yourself?

I would suggest your decision to join a REIA is similar to buying a new vehicle.

It is his ultimate decision on whether he wants to rent to the tenant.I am sure that HUD would point you in the right direction.The question is would your Dad consider another tenant if they are in the program?

I understand how difficult the in-state vs. out of state decision can be, so no worries there.  

Understand your approach, but at the end of the day (assuming we're discussing analysis in support of a BUY vs WALK decision), in my opinion, IRR(Internal Rate of Return) is too academic and the NPV(Net Present Value) has factors one can adjust.We see lots of newbies just learning to calc cash/cash & cap rates and these are sufficient to make the go/no decision, using the K.I.S.S principle.Attempting to add IRR & NPV to the learning curve is not a requirement - - for you, it's another confirmation you're on the right track.

Also would our decision to finance the building + assets together or separately have any effect on this?

We would also like some advice on whether the decision of creating an LLC or not would depend on which strategy and niche we chose? 

If she had 3 BR units, she would have to consider a different demographic and could not base her decision on familial status.