We also have a house in Germany, but I do not think we can put that house in a trust.  

I'm curious of the current market demand for student housing and appeal to rental investors.

The rental market is expected to stay flat or soft through 2025, then is estimated to start appreciating again once the new supply of multifamily housing reaches traditional occupancy levels.

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. 

@Kyle Shipleycan you house hack?

Quote from @Stacy Banks: Hello I wanted to know what does it cost to do foundation & framing for a 1,500sq ft house being built in Lehigh Acres Florida.  

If the property is vacant, you will attract a larger pool of buyers as not everyone looking for a house wants to use it as a rental. 

The buyer of course believing he had purchased the house paid a visit to the tenant, who of course called me.  

Run the house hacking numbers.

This is partially because we lose the OTA protections and partially to make sure we follow the same procedures for all residents (fair housing laws are important to follow).