You will need an attorney licensed to practice in Arizona.  

This is more like practice for me and I'd love some help!

Hi Bruce,Thanks, good to know this is common practice.

Of course when I am in the position I plan to make the appropriate contributions to my parents as I see the value and necessity for me to practice budgeting as well as to show gratitude to my parents.

They will want to see that you have mastered the numbers to evaluate investment properties. they will want to see that you have a lot of practice applying those numbers to actual properties.

I am trying to help my dad who is retiring this summer after 40 years of owning his own dental practice. 

This will be a good exercise for me to gain familiarity to running CMAs and analyze deals…..and I’m a total dork for this stuff. 

Is this a legal and acceptable practice?

of 2008 put some limits on the practice only allowing you to exclude gain from the actual time you spent in it as a primary residence.  

Practice all you can on many things as you can and concentrate on things that will help you hear "yes".