I will take a steo back from trying to get her to understand the financials and just get her dreaming about a nice new home for the summer.

I would ask your SDIRA custodian but its my understanding having a SDIRA that you cannot lend yourself money nor lend to a child or give the child any monies.That would be prohibited transaction.

Hey Jenna,I understand about being linked up with someone local. 

After two years I understand for tax purposes I sell it as a rental.

Keep your common areas clean and neat, possibly have a house cleaner come in twice a month for these areas if your budget allows it, have solid house rules that you enforce regarding at a minimum quiet hours, parking, smoking, pets, and visitors just for starters and be sure to run it like a business and decide if you will have month to month terms, 6 month terms or yearly terms.

The house hacking strategy by Craig Curelop is pretty solid.

Im sure your dad has some solid pre-existing relationships as well no?

I appreciate the different perspectives and can understand why this may not be the best partnership to enter into. 

@Gary Garrett, Hi Gary Im a local GC here in columbus, and I completely understand your situation.

A solid lease is certainly important but you can probably use a standard lease agreement and pay an attorney less than $2000 to review it.