Are partners involved?

What am I missing or not understanding? 

I had a pretty in-depth project involving SROs in Brooklyn a short while ago.

Also, there is now a child involved.

Trying to understand the order of operations to do this: detach doors, sand, prime, repaint boxes.

FHA loans, in particular, are popular for house hacking due to their lower down payment requirements.Given your partnership structure and your father-in-law's involvement, you might explore conventional financing, FHA loans, or other owner-occupied loans.

Rental assistance/payments will begin the date the property passes the inspection.There are landlords that do not like the Section 8 program or want to be involved with it, either due to a bad tenant experience (which can happen in or out of the program) or simply from stereotype or ignorance of the program. 

I am new to the concept of bonus depreciation and trying to get a better understanding.

It also abides by the residential landlord-tenant ordinance, which if you use other leases is where a lot of things can be missed.So while I don't recommend using it without understanding it, it has been pre-vetted by attorneys so is actually a pretty good lease to use for anyone new or old (but specific to Chicago)

Co-ops, on the other hand, involve owning shares in a corporation that owns the building and can come with more restrictions and limitations on how you can use or rent out your unit.If your goal is to dip your toes into real estate investing as a primary residence before building a portfolio of out-of-state rental properties, it may be a better idea to consider a condo over a co-op.