You can lay out details in operating agreement.

Is your dad going to pay 1/2 of all operating costs or is the cash flow from the rented unit going to cover his expenses? 

(filing with state, operating agreement created by attorney, and initial funding of business account.For a first purchase, this worked out wonderfully!

He was impressed by my organization and commitment, and said if he had more cash right now he would be open to partnering with me.This is just my two cents and way of looking at things.

The key is always to find off-market deals with a lot of potential for increased NOI (net operating income). 

Marketing and more money with a strategic growth plan that has efficient and lean operations in place.

Purchasing an investment property increases the level of difficulty of your tax return.Purchasing a house-hack is even more difficult.To make it even more difficult - you plan to make improvements so you have to determine which costs are currently expensed and which are capitalized.Not only have you acquired an investment property but you also acquired a personal residence.As a result, direct expenses towards your investment property and indirect expenses are deductible business expenses that can be used to decrease your net income from rental activities.With all that is said - you are trying to operate a business so I would hire professionals to help you with your tasks.

utm_source=newsletterYou can find a glossary of some acronyms here: https://www.biggerpockets.com/rei/real-estate-abbreviations/You might also want to read: The Ultimate Beginner’s Guide - https://assets2.biggerpockets.com/uploads/user_file/file_object/329/UBG_2018.pdf...actually the entire section: https://www.biggerpockets.com/guidesBP has a whole section dedicated to education and starting up - https://www.biggerpockets.com/intro-to-rei/overviewGet busy with the entire Education section on BP: https://www.biggerpockets.com/hubs/property-types https://www.biggerpockets.com/hubs/finance https://www.biggerpockets.com/hubs/strategy https://www.biggerpockets.com/hubs/finding-deals/analyze-deals https://www.biggerpockets.com/hubs/property-management (including TENANTS MAINTENANCE) https://www.biggerpockets.com/hubs/business-operations (and the sub section on REAL ESTATE MARKETING TOOLS & TECHNOLOGY TAXES & ACCOUNTING LEGAL TEAM)One way or another you will pay your "real estate tuition" - either in time, effort or money.

I also launched a customized T-shirt company and that has taught me much in the way of product development, managing operating costs and expenses as well as marketing, profit margins and other cool things you're not taught in school.

She immediately apologized and said my host was evicted for operating a vacation rental when they are expressly forbidden.