Is it like you sold your house and don’t have to pay for the profit?

Jobs are always a good indicator of growth areas especially good high paying jobs.

Billing is different for most and more than likely, you'll pay a retainer of some sort up front and have a balance due. 

I just closed on one for that last week and it appraised.Under contract at 223k with seller paying 5k in closing.The property needs 20k in repairs. 

I pay professionals for help and can do basic tasks on my own without free labor. 

I am not yet familiar with the management fees for an STR yet as we self manage, however Cleveland itself is currently STR friendly and just requires them to be registered if you have stays over 90 days and then you register with the city and pay $35.

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. 

Option 3: Pay large down-payment on modest rent ready house. 

Plus, it integrates seamlessly with accounting tools like QuickBooks, making bookkeeping much more straightforward.Whichever account you choose, look for one with no monthly fees, online banking, and features like automatic bill pay.

I decided to buy the property from my grandfather using a gift of equity, which allowed me to take over ownership without having to come up with the full down payment and pay for the tax lien and his closing costs.