I need an attorney to help me as the landlord with a few complicated issues, that I’d rather not get into detail here.  

To add more complication, some states Sol begins when the loan is accelerated.

Maybe I'm showing how green I am by thinking that I can ethically use these techniques to actually help people.

So if you have done several subject to or lease option please introduce yourself.. and let us know how many lease option / subject to deals you have done so far ... we can start sharing ideas, techniques and it would probably help a lot of people.

In some places you can get a contractor's license, but here it requires a tuff test of code requirements, techniques and legal contracting aspects and requires experience to be shown.To compare prices, get a bid per square.

I've read over the 2% and 50% rule and they make sense, and obviously are techniques to "screen" or do top-level analysis to help quickly triage a deal.As I've crunched numbers on hypothetical deals I've always pulled out PITI (principal, interest, taxes and insurance) out of the monthly rent to assess what the cash flow might be.

It could be something else which might complicate the deal but also adds opportunity.

Capital improvements get added to your basis.The rules for handling converting a residence into a rental property are complex, and, having never dealt with them, I don't understand them.Your situation is further complicated because your father is giving you this house.

This technique has a bad reputation because unscrupulous investors (aka con men) set the lease/option up for the tenant/buyer to fail with the intention of pocketing the option money and getting another sucker.

. :)BTW, better check into our lending laws, rather complicated and you'll need a license as an LLC business type lender.