What if you are in a car accident and get a judgement for a million against you--they could seize your father's house as it is NOT your primary house and he would have nothing. 

@Heidi Kenefick sounds like a pretty normal inspection for a value add home.

Thanks, I was looking for something more oriented as gift, not something they necessarily need in the house to have for the normal day-to-day to have. 

There are a few other considerations, especially if there are any subordinate liens (i.e. a 2nd if this loan is in first position).To be safe, you would normally want to get approval from any subordinate lien holders for your modification.

One car garage and parking on the street.  

I have heard the rental market is currently saturated as the luxury apartments keep going up but also that the saturation will normalize  over the next 2-3 years with the schools expanding. 

I would suggest getting an investor savvy lender as many lenders are only focused on the normal buyer. 

How much are turnover fee normally runs?

it will be more of a fender bender than the fiery multi car pileup we saw the last decade.

IF you want to live in one unit and the rest of the building is an investment then that is normally a great strategy (house hacking).