Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

With the exception of building a trailer on the property (these are hard to finance), this sounds like a good plan AND if you are using it for your business AND your business pays more than 50% of the rent (if you have more than 1 tenant), then this is a more financeable property in the eyes of banks and credit unions as it would be consider a commercial "owner-occupied" property. 

Now, you need to figure out how to find deals and pay for them.

Your son is likely paying more than the property is worth, by definition, as the seller would almost certainly prefer a similar offer that was not subject to. 

You are paying for it with a higher rate.

Fix the problem and make them pay for it.   

Japanese mind set :)WE just make our money pay our tax's and try to stack cash so we can provide it others and rent the money for a fee :)

Kody, you need to investigate the Pace Subto group and pay to get in. 

You want an investment that pays for itself, including mortgage, taxes, insurance, maintenance, and even some money set aside for a reserve to cover vacancies and capital expenditures.