Financial risks, such as unexpected repairs or vacancies, can also impact your cash flow.

Prices are so high and rents haven't kept up as well so if you're leveraging I'd be prepared to put down 35-40%.

Correct me if I am wrong but Joe Schmoe with no experience and no education can call himself a financial advisor.There is no governing body that administers the term 'financial planner' so I put litte weight into that title / profession, whether it is fee based / non-fee based. 

this is the risk of having Multiple parties in title.. sure would have been better for the Dad to simply sell it to you and take back a recorded DT or Mort   with you and your partner on the Deed. 

It takes time to read, absorb, and put into practice.

Way to much risk here.

My tenants were putting their heat at 78 degrees and leaving windows open when it was -20 out.

My understanding is that it is me paying out of pocket what the previous owner has put into the house.

Normally, I do not establish LLCs until I have the property under contract and I am deep into the closing process.Regarding if you need a LLC, it all depends on your risk tolerance.

To get renters, get the home ready, set rent that's fair, put ads online, check people who want to rent by using a form, look into their past, and call their old landlords and jobs.