Always have a clear exit strategy, whether you plan to rent, flip, or sell the property down the line.If you or your son are looking for more hands-on guidance, feel free to reach out directly.

If you were to buy direct from the owner you will get great deals!

But because you rent by the room and YOU SELECTED the roommates (for which the other roommates had no control over), that makes you directly responsible to the other tenants should any harm or damage come to them.  

Many of my clients begin there, then transition to direct bookings once they’re comfortable.

As a starting point: -If they work full time and make $700k a year -Don't want to or can't spend time self managing a short-term rental -Don't have a spouse who wants to take the lead on managing the rentals They are likely not going to directly reduce their taxable income with real estate year-to-year. 

Whether it’s advice, joint ventures, or even just sharing your experiences, your input would mean a lot.Feel free to drop a comment below or message me directly.

You might check with your Self-Directed IRA Trust Company/Custodian, they might have a brokerage connection capability where you can setup a brokerage account tied to your IRA, then you can with that brokerage to invest in various public market investments, in some cases stocks, mutual funds, ETF's, treasuries, and CD's.

I invest in both direct real estate (via residential rentals) and syndication/crowdfunding passive investments.

Just stating that waiting will also likely make the cost of what you want to buy go up if the last 98 years of real estate data provides the future direction.

Call owners directly and send letters/mailers.