Do you have any alternatives that can get my close to do no money lite rehabs so I can buy and hold?

Second, would you ask for rehab cash from this investor or find alternative financing for rehab?

As another alternative, you could just do a traditional construction loan (bank or builder) or come out of pocket and then put it into a VA home loan on a multi-unit property.

I still invest in traditional markets and send funds to the SDIRA to buy real estate and other alternative assets as needed. 

Alternate strategy would be to sell the property for $100k instead of renting and split profit 50/50 (~$15-20k each).

Some things to think about with them-https://www.biggerpockets.com/...You can buy straight investment properties and rent where you live, as an alternative.

Please note that you are obligated to pay back their 401k (regardless of the performance of your real estate investment).As an alternative to taking the loan, you could even purchase the investment property directly using funds in your Solo 401k (assuming you select a Solo 401k plan provider which allows you to invest in real estate).

Is it possible to have a second mortgage that could potentially be $0 or alternatively $15k depending on a resale price? 

I was just at a conference this weekend and the subject of wholesaling came up and specifically how ineffective direct mail is these days unless you have Major dollars to throw at it.. much of the discussions were alternatives. 

@Amber KennonYou and your father should first consult with an agent who can give you a fair assessment of the value of the property.A lot of people may be reaching out to your father with offers but you won't know if they are good offers without knowing the true value.Seller financing is one option for your dad - He can sell the property and instead of dealing with tenant issues(which it seems like he does) he can instead collect a payment on a monthly basis from the ultimate buyer.He can negotiate an interest rate with the buyer which can help him into his retirement.The other alternative is that he continues to live there and you inherit the property from him.