Sure, @Alberto Murillo Since your Father is gifting you property as opposed to currency/cash, you will need to determine your Father's basis in the property (less the allocated financed amount); of which you would be required to "carryover" during your ownership going forward.An example may better clarify:  Say your father gifted you 100 shares of ABC common stock which when he gifted it to you the fair market value (FMV) was worth $10.00/share or $1,000. 

Much of my generation (I’m in my mid-40s) and younger generations don’t have the skill set to do common repairs or remodeling so they have to pay labor costs for every repair or update.Those who realize they don’t have the knowledge, skills or desire to maintain or renovate a house are renting.Renting makes sense for an ever increasing portion of the population.

@Max Tanenbaum, "Flip" is a word that is commonly understood to mean that you bought this property primarily to resell it.  

That is common in every relationship until that trust is built up.

Hi @Jesse Grothaus,It's actually a pretty commonly error to quote FHA loan limits for VA.

Renters here are savvy and it's common knowledge to hold out at the LL's expense while fully protected.

The second note lien holder is likely willing to settle for 10%, or less, of the unpaid balance, common in short sales, likely because even the 1st is under water, there is no equity, and the second will get nothing with a foreclosure by the first.

Basically, I'm interested in what people would recommend to look into for someone just starting off in commercial real estate rentals.When it comes to smaller residential properties, I think most people know how much of a fan BP is about multi-families (with quadplexes being the most common example).

@Claire Hughes , I have no experience with this person or company.Check out our Scam Page , with red flags for common scams. 

This is a very common occurrence for a HUD property.