If it did flood though, I personally would steer clear.

If the IRS has a Form 1098, they assume that the person listed on the form made the payments, and they move on. 

Personally, I wouldn't offer SubTo or a Wrap, For reasons I've written about fairly extensively. https://www.biggerpockets.com/forums/70/topics/1227199-the-m...However, I would sell on "Lease Option" and that may work for you.

Highly suggest coming out to some of the local chicago IN-PERSON meetups! 

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

@Antoine Black  In general, yes, it goes off your personal credit. 

I think I was having a hard time seeing the value of turnkey properties because of my personality style with regards to investing and wanting to trade up quickly.

Tell me - someone selling their home to your son, Subject-To - is this a person who has made good life choices? 

I was thinking if I can talk to my neighbor about sharing the cost (I, the landlord, personally provide labor and my neighbor provide material (e.g. fence pickets)).

For funding, explore options like FHA loans, personal savings, or creative financing, and focus on New Jersey markets that align with your goals, such as Newark for rentals or commuter towns for house hacking.