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A lender will have issue with a life tenant. If you default on the loan and they have to take possession your dad will come with the property. And, are you even allowed to charge him rent according to the will?

Being an inherited property doesn't really change anything. You could set up a LOC attached to this property and/or your PPOR and then use this to invest. However you may be better off charging your father market rents so you can claim the full amount of any expenses such as rates etc. If you...