The one thing holding me back is the safety aspect.

The same goes for crime and "safety".

This may be a large amount depending on how much he purchased it for and if it was a long time ago.whether he seller finances it for 100% or 80% all depends on how you agree to structure it with your father and if its arms-length. 

I know that I wouldn't be able to build or sub-divide which is fine, but my concerns are about the safety of it.   

Two big reasons for this are, the price you pay per door will be cheaper & there is real safety in numbers when dealing with any vacancies.

Lenders will want an arm, a leg, and your unborn child.Real estate sales can be a lucrative opportunity if done right, though you'll find find that your sales database takes longer to build than you may think at this point.

I had money I was saving for retirement every week with the fire department, had benefits if I got sick, and a check every Friday that was my safety net.

2) Any benefit to using same lender for a combo cash out refy on existing investment prop ARM (owe 70K, market value 210K) with a new 15 yr conventional investment prop loan as a single transaction?

It would also put the driveways along the same road, so people would be more aware of both driveways increasing safety.

The new architectural/safety regulations that occurred during the previous ownership can be waived for the old owner but once the property is leased to a new establishment they have to comply to the current regulations.