To manage risks, some investors employ an LLC in addition to insurance.There are expenses associated with running an LLC, such as yearly fees, registration fees, and even legal fees.

But over the long run, it's not the magic investment everyone thinks when you factor in that it merely keeps pace with inflation in the LONG run.

RUN

I am hoping I do not have to go through the evection process (done it before all the way to sheriff kicking the door in) and its quite daunting process, but the upside I guess would be I been through it all. 

People decided to enjoy your space before they ever opened the door, and they'll forgive a few small things and leave a 5 star review when we feed that enjoyment every step of the way - from reservation to arrival to check out. 

I would run numbers with pretty high interest rates if you want more cash out than 70-75% like @Brie Schmidt mentioned.

Run the numbers and followup with any questions.We look for an 8 to 12 year payback.  

The additional time to close will more than pay for itself in the long run! 

You should first make certain every place someone can enter, like doors and windows, are well locked.

No offense to your dad but how much does he know about REI, new construction, partnerships, and running the numbers?