I pay $875 (including principal, interest, taxes, and insurance) and rent it out for $1,625.

I used $80k to pay off personal debts and $50k to remodel it by myself with my two hands.

Quote from @Chris Pontello: Hi Chris,Correct me if I'm wrong as I'm still learning creative financing solutions, but paying them some money would be if I could take over the loan.

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

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

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 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. 

We do a small fruit basket and 2 bottles of wine (1st one complimentary, 2nd one, there's a "pay envelope" $10).BUT nothing says welcome to Eugene, Oregon like a couple of joints... :-)(just kidding, but depending on the Guests demographics, we can direct them to the best dispensaries...)