Turns out, the right marketing found renters who appreciated the quality and were willing to pay a premium.

The guru your son is learning this technique from is likely not telling your son that the deal will almost certainly encourage your son to get an "off-market" deal from a "wholesaler" who is unlikely to properly disclose the details of the property or encourage an inspection. 

-why not pick a market closer to home? 

My credit should be the highest allowable also and I shouldn't have problems with approval.Ok, i shopped about 80 lenders (based on Fridays rates, market is closed so no live pricing)Conventional Full Doc loan you would be at 7.875% if you put 20% down (you said what the house was worth, but not your purchase price). 

Federal Tax Benefits: You can claim depreciation deductions and may qualify for credits like Low-Income Housing Tax Credits or New Markets Tax Credits for eligible projects.3.

Exit StrategyResale Planning: Research market trends for optimal selling timing.Long-Term Investment: Consider retaining the property as a rental post-graduation.Marketability: Choose a property with appeal to future students or young professionals.By following these steps, you can make a well-informed decision and ensure a successful investment that benefits both you and your student during their college years and beyond.Peter Derry PHD Properties 

It would be a good idea to assess your tolerance to risk and then plan something like that, but using a heloc is going to be around 9-11% in this market so to pay something off with lower interest rate to borrow more might not make much sense.

Are you getting the property at market rate or below market rate?

Given the lack of activity / buyers in the market at this time with rates, would you reccomend holding and renting it until the market is better to sell in? 

No syndication experience but there are about a dozen quality RV/Mobile home parks on market in Oregon, several with owner carry options that can be passiv-ish with management in place.