The best thing he can do (if he wants to go to college) is do something he loves that will also get him a job at the end (eg STEM fields or trades). 

Complete renovation What was the outcome?

What was the outcome?

If the house can actually be sold for the $2 million quoted, then I believe the best outcome from a FINANCIAL viewpoint is to sell the property for the $2 million, pay the spouse $550k, pay the $270k mortgage balance, leaving the wife with $1,180,000 cash.  

I finished the attic, basement and remodeled interior and exterior What was the outcome?

What was the outcome?

This includes rental income, which is typically taxed at a flat rate of 30% unless you elect to treat the income as "effectively connected" to a U.S. trade or business, which allows for graduated tax rates and deductions. 

Complacency is NEVER an intelligent course of action that breeds good outcomes. 

What was the outcome?

But per lot it will cost roughly the following:$1,500 Electrical poles, meter installation $2,000 water taps and connections$5,000 grading and land prep$8,000 septic installation (assuming a 1:1 ratio of homes to 1000 gallon septics)$5,000 down payment on each home ($700-750 / thereafter per unit)$21,500 total set up x 17 = $365,000Ongoing expenses after development would look something this for POH model: $12,750 a month in mobile home mortgages (17 x 750 for PITI on each unit) $1,900 a month in land mortgage PITI (house) $3,000 a month landscaping$2,000 a month in reserve emergency fund$2,200 management$21,850 a month total expenses $262,200‬/yearOngoing incomes after development would look something this for POH model:$27,000/month ($1500 x 18 {17 mobile homes plus house})$324,000/year324k-262,2k = 61,800 net pre-tax profit or $5,150/month.Opportunities to reduce start up expenses: Bulk deals with the government or contractors for doing all the work at once (electrical, water, land grading, septic) Trade free rent for someone to mow and landscape (turning a $3k event into a $650 event every month).