So Erik has some great real world advice.Remember that you can pick a better area in other parts of the country and still self manage.Your idea of a 4 bedroom house is good as that will generate more revenue than a smaller property and appeal to more people.

That's a great idea.

that sounds good idea.

So yes it is the same idea but through the platform called pad split.

And, with proper planning you should have worked around this. 

This is intended to be a "forever" home for my family so want to make sure I'm not missing anything.Any ideas on what kind of expert I should look for?

Does the Biggerpockets community have any advice or creative ideas?

Finally, we need a CPA, open to referral.Hi Jess, this may require more information to properly assess but it is possible to treat the transfer of the property and the refinancing cash out amount as a investment (capital contribution) into the business.

I found a contact at New Western who spoke Spanish and presented the idea to my dad.

This gives you an idea of the rent amount and general demand.Comparable rents: Analyze rental listings in your area for similar properties (size, location, amenities).