Since the loan on the house will need to be payed off before construction begins, it means the new loan will be solely under my Dad's name- and since he will not reside in the property, it is now seen as an investment property.

We have Investor Friendly Realtors in that area that will get commission when we buy the property and again when we sell it after the rehab if done.

I would also think it should be only available nights to guests, and that is how we track our properties.

Have you ever struggled with pricing a flipped property, and what strategies did you use to set a competitive price?

I am looking to start investing in rental property investment.

IRS Publications 946 (How to Depreciate Property) and 527 (Residential Rental Property) can offer some guidance. 

This will give you the ability to put a little money down learn how to manage property in your own backyard and see if Real Estate investing is the path you really want to take. 

The depreciable basis of the property was $641,100.

However, your son and daughter-in-law would need to be tenants of the property rather than the owners.

My property manager provided a quote for repairs.