He believes in me and is a fantastic father, and would only ask for his money back within the next 10 years, but if it is profitable ill give him 5-8%.Then after this is all said and done, I'm sunk in almost 70K and not sure if I'll be able to turn a profit.My two exit strategies are as follows:Keep it and continue to rent to friends of mine (college students) for a few years, then sell it.

I want to find real estate valued at $260K or more to make a 1031 work when I sell a current property a few months from now, so a few different properties to buy at once.Not looking for turnkey that sells at retail prices, but for properties I can build  25% + appreciation into with rehabbing that will allow me to refinance latter on to follow the BRRRR strategy.

Pick the strategy that most interested you and sick with it.

Most of the time they are a 1-and-done deal... but if it looks like a repeat buyer, both parties should plan for a long term strategy. 

I have the same REI goal as you (replace  W-2 income using Buy and Hold strategy). 

HELOC for a BRRRR strategy?

There are cheap, effective marketing strategies like @Chris Piper mentioned and there are expensive strategies for people who have the money.

I'd love to meet you all and discuss ideas and strategies. 

Bigger Pockets also published a "Book of tax strategies for savvy real estate investors" (or something like that).

But this something you can do yourself if you wish once you've confirmed your strategy.2.