Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

I personally would stay away from condo-tels as they will be even worse and you'll have less opportunity to cash flow. 

It's not a personal sale between you and your son, but rather a sale from one LLC to another.

I personally don't mind cooking on electric but I will say that cooking on propane is different than what most people know which is natural gas.

I would start close to where you live personally. 

Keep in mind, you can’t use personal funds or your home's equity to directly fund the SDIRA investment, and all property expenses must be paid from the IRA.

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

Primarily for personal use for the family as well as an investment (but the numbers need to work), I am just starting out searching for a property so I am open to all suggestions and comments.

I think the 10-14% rate is where it will be for the next five or so years personally so plenty of opportunity

They paid their portion of the rent.I have found a lot of investors bring their personal or political feelings into the investing conversation.