So it is fine for us to just list the property under my husbands name on the Schedule E even though we both own it, and I manage it?

Acquiring your 2nd STR is predicated on your successful acquisition and management of your first, and there are a lot of practical skills to learn on #1.  

For an OOS investor, I would recommend looking at Kansas City as one of my CFO clients also manages 100+ doors for OOS investors and knows the market very well.

You add your coverage yourself online and can see all your properties listed on one screen to manage them.

I was delighted with their service and be happy to do a introduction for you to my contact manager (I am not associated with the company nor do I receive a referral fee).No business cards but line of credit yes.Revolving LOC? 

We manage 4 Bloomington STRs, one being on Lake Monroe.

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. 

It sounds like you had a terrible manager.

If you have no facts, then yes an appraisal can be your ticket, but also keep in mind how your state manages assessed values.

In order to have checkbook control, the IRA account will need to be at a trust company that will allow the IRA to invest in an LLC (where you will be the manager and your IRA will be member - an as manager you will have checkbook access to the LLC bank account).