For AC, you need separate ductwork for supplies and returns between the units, separate blowers, and you also need separate cooling systems - condenser and coiling coil; you might be able to use mini-split units to achieve that.For hot water, you need the piping separate for the hot water, and then you will need multiple water heat sources with one per unit.

We are all seduced by the shiny metrics like cash-on-cash returns of Memphis, Cleveland, Akron, and just about any middle American rural city.

IF you the builder was doing it for himself... he can easily get the prices I stated above...

The difference in return that you make as a passive vs a sponsor is maybe 3-5% on cashflow and only 2-4% on IRR.

With this same property and an estimated rent at $1000 a month here are the numbers:Mortgage $485 (75k at 4.75 for 20 year amortization)Taxes $100 (This is a guess because I have no idea what they would be in your properties area)Insurance $50 (This is also a guess but I am basing it off of my own rentals)Property management at 10% $100 (This depends on if you will be managing it yourself or not)Capital expenses savings for repairs 10% $100Vacancy 10% $100Monthly cash flow = $65 (6% APR rate of return on your 13k left in the property).Now there are several variables in this example.  

Most banks will do a commercial loan on an investment property for up to 90% of cost (purchase plus rehab) quite easily.

Since you and your brother are entitled to 1/3 of the profits on said property, this is a complete gift and your father needs to file a gift tax return, Form 709.

Is it better to buy older properties that are cheaper, with a higher return, and higher maintenance, or more expensive properties with lower returns and less maintenance? 

Especially one where the veil could easily be pierced if I did something wrong and they'd come after me personally regardless.Also, depending on the state, umbrella policy might even be cheaper...  

So, any withdrawal at an ATM makes you vulnerable.My first incident was in Paris withdrawing cash before heading to the airport to return home.