I highly suggest you have an account for maintenance as well. 

You want an LLC for ease of administration, trusts are kind of annoying as they can act as their own taxable vehicles as opposed to single-member or pass-through entities that an LLC can provide.

For multifamily acquisition, LP's are looking for a high teen IRR with conservative underwriting.

Seek competitive rates and terms: Compare interest rates, loan-to-value (LTV) ratios, and loan terms among different lenders.

It's also a lot harder to do that in this economy with high prices and high interest rates. 

We are also re-purposing part of the house which will allow us to add a new bedroom...my sense is this should be paid for by my father since it is a permanent value-add.  

So although the common wisdom or recommendation is to talk to a lawyer (which I did) I'm getting conflicting advice on this whole issue of Wyoming LLCs and the level of protection and anonymity they actually provide.

The value add will be in the operations as the current owner(s) haven't kept their fingers on the pulse to run it at it's peak.

Right now, they are under my main LLC with a lot of my more high end property.

Conventional loan How did you add value to the deal?