To me, the NOI and cap rate seem low especially after you take into account a debt payment for the property.

I know my dad will be our main support during this entire process, but I would like to hear your guys' advice! 

I don't have credit card debt.

Regardless, it's cash flowing $650 / month / door after debt & expenses so I can't complain so far.

Most local banks will quote you high 5% rates, with 5 years balloon and 20 years amortization (depending on the property age and location).Agency debt is more competitive but more often then not the loan balance need to be over $1million.

Not sure if a bankruptcy would change the parameters or not but that may be a better option for the seller. yes if the bank reports the debt as forgiven.. there is an IRS form though you can file with your tax's that says your broke.. then you don't own the tax's on the forgiven amount.. during the crisis IRS postponed this so no one got that treatment but that sunset and now short sales or debt forgiveness needs to be calculated …. the forgiven debt is tax as ordinary income so a 1 mil forgiveness could be a 300 to 400k tax bill..

After spending the last four years studying real estate crowdfunding, as well as successfully launching a real estate crowdfunding site in 2016, I have divided the real estate crowdfunding landscape into three main types1.

I figure I’ll start year one by getting rid of as much debt as possible.

It will save you money over time for sure and paying down debt is not a dumb decision.If all you have for debt is your primary mortgage, it may be a great use of extra dollars at least until you get below 80% LTV and get the PMI rip off removed.

Mainly:- new appliances- privacy fence - new floors - conversion from 0.5 bath to full bath - new doors and trimI don’t know what’s too far and I guess it’ll depend on the market in my area.