Unless you want it vacant so you can rehab, in which case you might as well have it vacant during a time where you probably couldn't fill it anyway...you want it read to go, at market rent,  when the market for finding a tenant is hot.How big of a rehab and time frame to do the work?

Address doesn't get changed or forwarded or enough time passes the PO will not forward anymore....so no one gets the notices, and it goes to foreclosure.The % is probably really c/o or should be, but they don't have a key for that so use % and that means "in care of" .Let's say dad moves in with the kids, the bill gets addressed to dad c/o Dwayne Wade at the new address. 

These are young professionals who probably dropped 200k on an MIT education and you think they are suddenly going to destroy their credit and ability to rent in the area where all of the jobs in their related field are because they can't come up with rent?

Your probably are not going to find anything below 5 percent.

I know he's your father, but you probably should've called the cops for him physically assaulting you and they could've gotten your keys/title back.

If we assume (since you're doing FHA) that you're making a 3.5% down payment on a $250k property with mortgage interest of 5% (not sure what the current rate is, that's just a guess) you'd have a mortgage payment of $1,295.08 then add in PMI, taxes, and insurance and you're probably in the ballpark of $1,950/month.

I'd probably go 10% for CapX and 5% for repairs, but it all depends on the condition of the property.

That’s probably why it takes forever and can run up to 300-400 for each title report.

Probably because his goal is to debunk the use of IRA's for REI.I use them for REI. 

If you treat this seller differently, then you probably will treat next tenant as your cousin, and treat next buyer of your property as in-law, etc.