Anything a carpenter can do is comparativley cheap to the above.It can be done if it is a great house in a high value location, but frankly probably more eonomical to tear down and build new.

If the numbers look good after you get a good picture over all the expenses I would move forward with an offer. 

I'd highly recommend local meetups and talking to real estate agents.There are companies that offer help with the execution of rentals and BRRRRs, but this typically comes with a large chunk of upfront fees or cut in equity.

I would highly recommend doing something like this.

To find places with high rental demand, good economic circumstances, and room to develop, conduct in-depth market research.Examine your alternatives for financing, including conventional mortgages, private lenders, FHA, VA, and partnership loans.

On Bigger pockets we cant self promote ourselves (its against the rules)To help you in your search: be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise.

FULL disclosure this next rental will not profit me much because of the high-interest rates but I want to keep it long term even If i am breaking even per month.

All have very high appreciation right now. 

The second property will be purchased with a mortgage (you can determine how high or low the leverage will be by adjusting the proceeds you use or the price point of the 2nd replacement).You are adding some measured debt at a level that your dad can be comfortable with. 

These properties are owned together with Lavatube Capital,a husband-and-wife team touting high-growth low risk returns and Lane Kawaoka, a real estate podcaster.Proudliving is a New Jersey based “owner and manager of real estate” which like other entities mentioned abovetakes funds from accredited retail investors to invest in the multi-family area.