I figure it will occasionally get the kids away from the parents for some down time!

I told him that I have no problem with this but I told him that he would be responsible for any down time for re-renting the apartment (this is my only concern - I just don't want to lose any rent income due to his breaking the lease).

After rehabbing if I could refinance the property and mortgage  220k2600 rent roll - 1000k mortgage- $500 taxes- 150 insurance -150 incidentals= $800 profit per month.Obviously with this house there would be down time with the renovation, permits and finding new tenants.

It's a great tool in all industries for getting your thoughts on a page, quickly and professionally.You say you're on the hunt for a new project...If you ever find yourself with some downtime in real estate and drawing up your own plans, I know there are plenty of people out there searching for highly skilled freelancers in all aspects of CAD.

HiAs @Cary Ogello suggested, as long as you are getting positive cashflow ... you will be good even in downtime.There will be more rental demand in downtime... 

Basically accounting for down time between projects. 

The biggest problem with both however, is that it can be a very up/down time financially. 

I presented the idea to him about flipping real estate during his down time, that way he could keep his employees (10 good employees , 7 seasonal so-so workers) working year round, and he could earn some extra income during those months.My plan is to buy a small family home for 20% down with the business line of credit, in my name, getting a personal mortgage.

We never give the system downtime.

The thing about single family is that any down time or non payment puts the property under water.