@John T.Looks like your father's position is that of a private lender or passive investor, as opposed to a partner.Even though he is your father, you really should define economic rules between the two of you. 

It wouldn't have positive cash flow until year 4. 

Once on the site you're going to look at population growth (positive or negative), unemployment rate, home price and some other things.

The problem with gap funding is that the HML is in 1st position and they are paid first.

I am trying to stay positive but wanted to share my experience to this point on how a renovation project can spiral out of control quickly especially when you are dealing with a seriously run down property.  

We used Craigslist and then Zillow rent manager which syndicates out to a bunch of other websites to market our units.

I create a landing page on my website, then blast out a summary email to my buyers list.

Please private message me and I'll share my website with you that you can see the product information at.I'm also copying in @Nick Baldo because he offers turn key Podio systems for Property management as well as rehabs, and they tie nicely into my system for a full turn key platform.

Plus, these would still generate positive cashflow at their current listing prices.I wanted to get some opinions on turnkey properties, any other pros or cons.  

What's even better is if you look on their website and find a condo that they have listed for rent in that building.