One of the purposes of him and his partner building that hotel was to provide extended stay for individuals in your fathers situation. 

@Melissa W had great points...also find someone who's familiar with the codes in your area...example - do they allow cast iron pipes to connect to PVC or other little things we may not think of at first but can cost $$$...I think its safe to say most of us (myself included) underestimate rehab or prep costs at first so def have someone go through with you...Talk to a local bank, they may give better rates (one we use allows 15% down) than larger banks for investing...also find out how its all set-up (residential, commercial) and how it may affect loan...My brother manages a very similar place with apartment/storefront...he turned basement space into storage units if looking for extra sources of income...

If you're going to squeeze every penny out of the deal then you've pretty much defeated the purpose of wholesaling and might as well move into retail.Wholesalers are putting those marginal deals out there at those prices because it works.

One more thing, should I be concerned if I decide to live in the investment property as opposed to using it for investment purposes?

sometimes the properties are purposely being abandoned by the owners because the properties are worthless, impossible to sell and more of a liability than an asset.

I've been using a military base long term hold plan since starting investing, at first by accident and then on purpose. 

For what purpose?

There isn't enough margin on a flip (~$12k max at the ARV we're using for discussion purposes) for most investors to take on the risk, particularly since I feel comfortable this property is probably in a less desirable area.  

@Matthew KreitzerTypically speaking, if you are using an LLC that has no legitimate business purpose you are most likely going to run afoul of what we attorneys call the "alter ego" doctrine for piercing corporate veils.

@Dawn Vacek In PA the year requirement is 21 years, one of the longest in the country, I think only TX & LA are longer at 25 & 30 years.AP is difficult to do, on purpose.