Because there have been such significant gains in the markets this year (unless you are a bond investor😬) fund/asset managers and stock traders will likely do some portfolio rebalancing in January, selling winners, and locking in tremendous 2024 gains.

As others have said, the best thing your son can do is run far from this deal, buckle down, save his pennies (he probably already is doing this), house-hack, and improve a property with sweat, hard work, developing a DIY skillset, and self-managing tenants. 

I'd start by talking to others who are landlords or property managers in your area.  

Oh man- welcome to self management.

You can always reach out to my property manager and talk with them about the comparisons.

Hi BiggerPockets Community,I’m Josh, 26 years old, current project manager and aspiring asset manager diving into a new venture that I’m excited to share.

She also mentioned that they’ve been in real estate since 2006 and have managed over 30 properties (though this is more of a side business for them), which suggests a mom-and-pop operation.

I'm not counting those since I don't manage them, but I typically avoid cities and states with laws antagonistic to landlords.

I have several really good lawyers we use, you can PM me if you want info on them ... and if you'd like to talk property management reach out.

Find a partner who has money to invest with and find & manage the deal (sweat equity).