He likely needs to stay where he is, save up money for a downpayment on his own, and buy when HE is ready.He's not ready. 

We then use our money for the improvements.

This would defeat the triple tax savings @Kaaren Hall described above.

Eliminate debt, establish a budget, and save.

Does it really take 60 to 70 hours a week to make little to no money?

They must be very low odds because insurance companies are in the business of making money, not paying out maximums.

Nobody watches your money like you do, you'll learn how to manage, so you can manage a manager later and you'll save precious early-years cash flow, which allows you to scale faster, especially in the first 5 years.

This is a debt society and debt is money. 

That being said due to the number of sharks out there I would only spend money that I can afford to lose. 

You don't need a lot of money to wholesale.