My dad and I are now co-managing, and I'm the legal and financial side.

If true, definitely doesn't lower the price tag on a good professional agent, and even if it did, they would make up for it in the ability to generate new upfront fees.

I've gained so much knowledge through BP but this is definitely where I feel the least knowledgeable. 

Additionally, consider consulting with legal and financial advisors to solidify your agreement and protect everyone involved.

As a realtor in Brooklyn and Long Island, I can promise you there are most definitely good rental properties in NY if you look in the right areas and have the correct strategy. 

If you find one I’m definitely interested.

You can't discriminate as to legal sources of income or government benefits.

In addition, you need to know the current Legal Rents in the records of HCR (DHCR) for each apartment as they will be rents that you will most likely be stuck with and you will not have the ability to increase rents to cover Rehab or your investment.

If you found yourself in a legal battle over pick your scenario, you could save money by being your own council or you could hire a professional to get you the best chance of things ending in your favor.

Yep I definitely get the importance of a note, REGISTERED with the court house thru a title agency and so forth.