He has already put a few million dollars to get this project and is looking to do a joint venture or a lender.

Apartment buildings in many areas of North America are over priced at the moment ... so carry with you a healthy determination to stick with your {conservative} numbers and let the foolish money do as it may.

@Scott Moe Do I understand you to mean that your dad is on the title jointly with you?  

From what you stated above, sounds like you can get a healthy return doing flips.

Joint residential financing would be a nightmare.

He proposed to do a joint venture investment in a single family  project  in a third state where he is familiar with the market. 

JV stands for joint venture, you can JV with cash partners, Credit partners, private lenders, and jvs with sellers.

I lived in Eugene for a few years and I miss the healthy food choices that I can't find here in Salem.

Have  a prosperous and healthy New Year and may the winds be always at your back.John Moore

I have sent letters and am trying to contact the absentee owner through other means, trying to buy the property outright before then, but no luck yet.I have discovered through research that the owner's husband (and presumably the owner, if they file jointly) has a lien against him for 2013 income taxes in Ohio.