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Don't LOCs have higher interest rates than getting a loan and putting it into an offset.

It sounds to me like the father gets benefits for paying rent that he wouldn't get if he lived rent free. Plus OP pays extras for the dad, I don't have a problem with any of that.

As long as you have the rest of your finances in order, you'll be able to borrow against this property. You can get 80% of the value (Or an 80% LVR) pretty easily and without paying additional costs. If the property is worth $350k, that means $280k. You can then again use this for a deposit and...