I appreciate all the quick responses!  

I know that before too long, he is going to at least want to slow down, so I am thinking of offering up some sort of partnership where I could take on more responsibility, get some equity in the business, and eventually buy him out upon his retirement.

Paul forums will get you more responses, so maybe re-post this over there.1) I'd advise adding a picture to your profile and filling it out a bit more- easier to have conversations (even on the forums) with someone when you can picture yourself talking to them in real life.2) I read your strategy- glad to see you've put some thought into it!

Thanks for the response, Eamonn.

I could get another manager, but that (presumably) would only prolong the process and cost more.I greatly appreciate all responses!

Thanks Business purpose loans do not require NMLS numbers and are not considered "covered mortgages" by Dodd-Frank. 

You own a business and must take on the responsibility of a management position.

but for your own, personal, investment and DD purposes, I agree an analysis like what you describe can be helpful on the LOW end in a heated market.  

thanks ryan Blake for your great response!

The purpose of the floating is so they can expand and contract.