I'm open to any insights or suggestions on how to structure this project in a manner that benefits both parties.

The answer to that, in combination with your purchasing power, would determine if this sort of thing is a good idea for you or not.I strongly suggest you go to the Morris/House Of Cards thread and read it over.

Would you suggest hiring a property manager or run it myself ?

It is suggested to have a strong Pre Approval lender and resources to tour the property as close to listing date as possible. 

I was wondering what I should give the tenant as far as a move-in package. 

At the end of the day, with out of state market and management, you'll always be left wondering, "are they doing as good of a job as I would?"...

There are a couple people I would suggest you look into before digging too deep on finding landlords.

My father also has another property that I am a cosigner on, he tried to get a HELOC but was rejected due to low income so I'm wondering if I can come and qualify for the HELOC even if I just purchased another primary property?

Does anyone have any suggestions? 

Any creative suggestions?