If your goal is to just keep low risk cash flow then just stay where you are.

What I saw during the last drop is that rents stayed the same they didn't go up but they also didn't go down expenses stayed about the same or even went slightly down as contractors became less busy and we're willing to work for less.

I'd see if the tenant is interested in staying in the place for another year, maybe with a small increase in the rent (let's say from $775.00 to $800.00). 

I sent the tenant a certified letter to introduce myself saying I’m the new owner and she’s welcome to stay if we sign a new lease.

If you Dad stays on the title as an owner he will need to sign loan docs etc, i would rather keep it simple too, but its not a big deal to have your Dad involved if you have good understanding with him.

My wife and I plan on staying in Europe for a few more years but we are looking into purchasing a 2-8 multifamily unit either in TN or NC around the large Army bases where we have previously lived and know the area. 

My idea is to take out an FHA loan on the property and "live" in one unit, as in have my mail and whatnot set for that address, but still stay at my parents.

...i reached out to an investor asking that i be added to their vip cash buyers list, as i have been given the green light by several buyers to bring sellers to table. she sent me a deal - its great, off-market in north cali with around 40 units, fully entitled. so i sent the deal to my cash buyers list and immediately got a buyer who wants it. i asked my investor friend if she pays a finders fee and she said yes...but since i know that my cash buyer is more than happy to pay above to asking price for the deal, id rather secure the contract myself and then assign it to my buyer but one obstacle i might face is that my pof isnt for 10 million its about half of that....with getting this contract myself also i dont have to worry about next time my buyer going directly to my investor and getting future deals that would leave me cut out of the deal.

Generally I think 2brs are better because the tenants stay longer.

Instruct the tenant to stay out of the water until emergency services can visit the house and ensure the power is off in the flooded areas.