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If I may suggest a different approach, you do not state in your post what you or your father WANT to do. The residential real estate business is not for everyone. 100 shares of AT&T will not call you up at 2 AM and tell you that the toilet is stopped up.
Although there are significant advantages you have to deal with the disadvantages too.

Perhaps the best thing to do is to decide what everyone involved wants to do and go from there rather than tryig to make your decisions based on the tax consequences.

My $.02
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