You seem to be very all or nothing in your posts. Either you have to do plan A (buy your dad's house) or else you will ONLY be able to put 5% or 10% on another house. What happened to your original plan to save a whole bunch of money in the next couple years? It seems to me you had plans on saving enough that you could put more than 5% on another house? You are all over the board. Last month you were thinking of buying a house right now and were looking at several houses with a realtor.
I think you need to get out of this all or nothing mindset (it must affect your life in other ways too).
I personally wouldn't buy my parents' house, but if that's what you want to do then nothing anyone here says should make any difference anyways. I'm not sure your dad is doing what's in his best interest by gifting so much money when he really doesn't have a huge amount, but that's none of my business either.
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