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.

I bought 14 houses basically for free by harvesting the equity in my houses by doing 5 cash out refis.

Quote from @Dylan Webb: Have you talked to a lender to see what it would cost you?

It is a small town, definitely a tertiary market right now, but that is where opportunity is going to be found.I think LTR, in the right location, can provide enough revenue annually to cover all holding and leverage costs while the resident pays down the principle and the demand in the city sustains slow and steady appreciation. 

Quote from @Sarah Kensinger: I love Minoan and HostGPO also, but Minoan is free to use!

. - Both parties share the risks, including market fluctuations, project delays, or unexpected costs. - It’s recommended to have clear agreements outlining each party’s responsibilities, profit-sharing ratios, and exit strategies. 4.

For me, if I make $1500 net per month on a free and clear property I would make $18,000 / year.  

If you haven't already, read "The Book on Estimating Rehab Costs" by J.

Again I cannot collect rent to justify this cost/effort.  

You can also assess a dollar amount that you value the cost of these requests to be, and ask for these as a discount from the purchase price or a concession to you for closing costs.