If you could find s cleaning person who has a husband who is a contractor would be an excellent fit. 

Personally, I would save up some more cash and wait for a time with better deals. 

Both you and your father are considered “disqualified persons” to his IRA, such transaction will be prohibited.

@Tom ServerAdding it over existing subfloor will require you to undercut all your doors, and cause havoc throughout the unitYou should replace it as it’s mentioned.Depending on the square footage of the unit not sure if 5k will be enough and assume unit is completely empty of personal belongings and has no flooring in the unit over the subfloor

Then the person that wins that auction will do the “equity skimming”. . ps.

Obtaining competent management was an issue, I have no confidence in the service personal in the local area.  

I know the demand is there just don't hear too many personal stories from people that have actually done it. 

Talking to someone who knows about real estate in your area or a person who gives advice on money can help choose what's right for you.

Personally, I'd never do it.

One flaw in the system though is it is often hard to tell easily the difference between a very inexperienced or bad agent, and a rockstar agent.