So before dismissing your options, you may want to consult an investor friendly Lender who is an out of the box thinker.

none of the above  Any insight into other options?

Quote from @Jai Windish: Hey everyone,I am from Illinois and actually closer to Peoria than Champaign, but choices were limited.

@Alecia Loveless  We plow AND salt , we dont give the customer an option . 

There are a lot of positive ROI options in that bucket.To answer your question anything on the beach will rent well. 

If they do, your best bet is a local community bank that funds these types of properties.Another option is a private lender but that money will be pretty expensive, as mentioned 10%  + 

These are the options we are trying to decide between… thank you in advance!

After 20+ years in real estate partnerships, here's what actually puts you on the IRS radar (and what doesn't):REAL Red Flags That Matter:The Partner Complaint TriggerDisgruntled partner files Form 8082K-1 disputesPartnership disputes leading to tax filingsReal Impact: Instant IRS attentionSuspicious Loss ClaimsLosses exceeding investmentArtificial basis inflationSudden large losses without economic realityExample: $100K investment claiming $500K lossesRelated Party GamesCircular property flipsBelow-market transfersFamily partnership schemes without substanceWatch Out: IRC §267 and §707(b) violationsDebt Engineering Red FlagsBasis inflation schemesArtificial guarantee arrangementsPartner debt shifts near year-endCritical: IRC §752 compliance matters!

These are very different than Subject-To, as the loan actually transfers to your son's name, and off the seller's name. 

Hi Hayley, yes, this is an actual strategy called income hacking!