If your goal is to just keep low risk cash flow then just stay where you are.

What I saw during the last drop is that rents stayed the same they didn't go up but they also didn't go down expenses stayed about the same or even went slightly down as contractors became less busy and we're willing to work for less.

I'd see if the tenant is interested in staying in the place for another year, maybe with a small increase in the rent (let's say from $775.00 to $800.00). 

I sent the tenant a certified letter to introduce myself saying I’m the new owner and she’s welcome to stay if we sign a new lease.

If you Dad stays on the title as an owner he will need to sign loan docs etc, i would rather keep it simple too, but its not a big deal to have your Dad involved if you have good understanding with him.

My wife and I plan on staying in Europe for a few more years but we are looking into purchasing a 2-8 multifamily unit either in TN or NC around the large Army bases where we have previously lived and know the area. 

My idea is to take out an FHA loan on the property and "live" in one unit, as in have my mail and whatnot set for that address, but still stay at my parents.

Generally I think 2brs are better because the tenants stay longer.

Instruct the tenant to stay out of the water until emergency services can visit the house and ensure the power is off in the flooded areas. 

Some of the very best and most experienced property managers can even tell you some of the history of certain properties and what pockets you should look at and which you should stay away from within that certain submarket.