It's just going to be hard to get into your, and your dad's mind(s) with regards to understanding your risk tolerance levels, as well as your capabilities. 

That's what all the much ballyhooed social changes in America in the last forty years making us a less-restrictive, more-tolerant society really add up to when it comes to building and keeping wealth -- three percent.Please humor me and think about that for a minute. 5% of US millionaire households are headed up by people who were never married or divorced.

Your choice will depend on your level of risk tolerance (holding in a cooling market) and willingness to make additional investments in the property.

On the other hand, if I were a real slumlord, and tried to defer maintenance wherever possible with excuses, people just wouldn't tolerate that UNLESS THE RENT WERE SIGNIFICANTLY LOWER.

In closing, before reaching out to potential lending sources it's important to understand and respect their tolerance for risk by painstakingly projecting, accounting for and presenting all costs as accurately as possible.

I think it all depends on what your risk tolerance is, and what your timeline is for how quickly you need to access the money.

Honestly, the creation of legal structure depends on your risk tolerance. 

Risk tolerance on RE vs 401K. 

Your risk/reward tolerance might differ.

Like @Costin I. said you need both and depending on your risk tolerance/exposure is when you get more and more elaborate.