He got a 10% preferred return and 51% to me and 49% to him of any additional upside.

Welcome back to the platform @Nate McCabe, I am just returning to biggerpockets myself.

Father's removal will be a gift to daughter for federal tax purposes and a gift-tax return will need to be filed, and unused lifetime credit will be reduced, or, if already all used, gift tax must be paid. 

Or you can reinvest into a better return.

For an S Corp, LLC, LP or similar you will do the tax on a K-1 for the split and you will add this into your tax return.

Depending on what sort of HVAC repair you need in 2 years, it could easily wipe out all your cash flow.

I don't think my costs are nearly as much as Russell said but if i had to guess it's still easily over a grand for me when you add in the NAR dues, mls fees, continuing education and every little thing they nickle and dime out of you like lockboxes, lockbox set up fees not to mention monthly servicing fees just for the stupid box.

Misrepresenting driveway access is a fast ticket to getting sued by the buyer.In addition to the other good suggestions here, I'd suggest a certified letter / return receipt to the broker at that agency.  

By borrowing to buy you are adding risk but increasing your returns.

I would definatly sell now while markets are at their peek.You have almost 200K in dead equity that should be invested and earning a 10% return.