While the Agent mention that the seller would prefer no assignment, to which I acknowledged. 

You should be able to get ~25-30% cap rates in canton city but you will have a certain kind of tenant as mentioned earlier.  

The only way to get help with the down payment before closing would be through a HELOC, personal loan, or private lender, as others have mentioned.

Further, we need to account for a $10k “reserve” for what will be repairs / maintenance as the property ages.  

I agree with @Michael Baum do guests mention in reviews?

I did not mention that it was an IRA LLC at either bank.

If you have the depth for an inside mount, I'd go that route with curtains, as mentioned previously. 

At his age, it’s not like he can start investing or manage a property, so I’m trying to figure out how to nurture this interest without overwhelming him. 

It was mentioned above you could refinance into a conventional loan, however with the 5% down conventional primary residence loan on multifamily now chances are you won't refinance this FHA loan unless you plan on living there for an extended period of time and rates come down. 

It is actually just a tool to create the already mentioned accelerated depreciation.