Your Financial Goals are as simple as generating two very basic sets of number...dollars really:1)  Make enough Profit (lump sum returns) to Pay Off your personal debt...ALL of it.2)  Get enough CashFlow to "cover" your monthly bills...ALL of them...and to replace your current method of doing so.The overall Plan, is comprised of a series of Measureable Milestones made up of groups  of the individual Financial Goals (Debt Payoff, Cash Flow)...all lined up in a row.  

They can supply the capital and you put some sweat equity into the deal and get 30% - 40% of Profit! 

As long as it is a cash flowing property that doesn't have too many problems(plumbing issues, a major foundation issue(all houses settle over time, but some house are built on very poor soil), and as long as you don't have issues finding new renters(takes months and months).  

You'll minimize your risk of failure and improve your probability of profit/success with a larger reserve. 

States the report shows a handful of minor issues but nothing of major concern. 

@Sergey Tkachev, I've been hesitating replying cause I'm dealing with a major case of survivor's guilt.  

Besides its a lot better seeing a surplus profit over "expenses" than a cut from "profits"

@Lance Luvaul since you are borrowing from your dad I would suggest you give him either what @Chris Mason suggested or 50% of the profits, whichever is higher.

What are the major variables we should consider? 

Second floor need some Renovations but not major.