Work on building systems that will allow you to scale by having other people take over the low value tasks that you're having to do now.2.

@Kevin D HooksThis is an absolute, 100% no-go.Your father is a disqualified party to your IRA.The IRS rules prohibit any direct or indirect transactions or provision of benefit - in either direction - between a plan and a disqualified party.Your IRA coming into this transaction saves your father's interest in the deal. 

If you do it now, you'll lock in a low rate for as long as you have the loan. 

I generally don't like to go less than $10K-$20K on a downpayment to be sure the buyer has skin in the game.I ABSOLUTELY recommend you work with a Real Estate Lawyer and/or Title company on deeds, promissory notes, deed of trust etc... to make sure everything is drawn up correctly and filed correctly.

A house hack or live in flip are both low barrier to entry options to get your first deal under your belt 😎

In order to get the ARV, what if the only comps you find all needed work to be done and all of them were in a bad condition so they sold at a low price, then how do you figure out the ARV of your property?

I do not want to upset you or your family friend but that is an absolutely false statement.  

That's way too much unless you basically re-build the whole thing.Second, even with a basement unit, the cap is way too low for 1.3M, especially you are putting 480K cash in reno. 

I know I could try to low ball the offers but it seems pretty consistent in many areas.

Your additional suggestion of paying close attention to the economics in your target area is something that I hadn't fully considered, but now that I have, it will absolutely be a part of my analysis.Again, I really appreciate you helping to explain IRR and why it is important to make such a projection.