I am saying this with 100% respect, do not proceed until you educate yourself more on the process. 

Maintenance, Taxes, Insurance will never stay the same.

Maybe owner will sign deed back to your dad but make sure you get title insurance and know if any liens are outstanding.

Should tenants have renters insurance?

I am hoping to get some guidance on my current revenue/expense assumptions:Rent / Purchase Price -> 1.0% to 1.1% (model set-up for varying ranges)Vacancy Rate -> 0 to 10% (model set-up for varying ranges) Property Tax -> ~2.5% (looking at Tarrant County property site for reference)Insurance -> ~0.9% (based on my personal residence)Property Mgmt.

I've talked with a couple of local property managers, and there seem to be differing opinions on whether or not I should proceed with one cosigner, or three cosigners (one per applicant). 

The agreement also includes language that if tenants are unable to pay the decreased amount of rent between now and the end of the year, eviction proceedings and garnishment of wages for the full amount due will commence the following day.

We hired a title company to fix everything up and they recently got back to me stating the  are not able to proceed with this deal.

Make sure you add your entity name to your insurance policy

Also, on flood insurance, i'm finding quotes ranging from $600/yr to $1,500/yr but not clear how that works within the different flood zones and asset types.