I have enough time in my work schedule to dedicate to overseeing these repairs.

the tenant. arbitrage would be someone having a long term rental agreement (usually at least a year) and a landlord isnt normally going to be paying the utilities in those cases

I do all this alone and have no family support.  

I have a cousin who funds RE deals and he has a whole network of money people, so I am putting together a business plan to submit along with my financials and an investment proposal.I am coming from single family residential, and have only ever worked with hard money for short-term loans, and also some smaller amounts of private money.

Does anybody have any advice on this subject, anything I should watch out for, is a lawyer necessary, does everyone have to sign the deed, or is it a straightforward process I can do myself?

I am a licensed real estate agent, but the only transactions I have done have been my own.

In many places the assessment process is done with limited and incorrect information in part because they don't have the right to enter a property unless the property owner chooses to allow it.

There are pros / cons of whatever way you go about it plus a lot of unknowns.If your dad owns the place and it appreciates a lot and he decides to sell it, the gain can potentially be tax free which you wouldn't have the option for if it was a rental.I personally wouldn't do business with family.What if you own it and he rents it from you and you both have a disagreement on rent increases?

I have never heard of this but you might want to chat with another CPA who specializes in real estate to see what they have to say.

Would love to meetup, network, and have a meaningful discussion!