The closing agent would help create escrow for taxes and insurance so the P and I would go to the IRA. 

For the value add we're going to fix up the roads, add a nice sign and fence, replace mailboxes, add lights and fix some plumbing leaks.

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Light the beam! 

No way lights are running up a bill by $250 in an apartment.

"Good about deductions" sounds a lot like "doesn't make enough money to be a homeowner", so he should keep renting from someone else, and you should do what you're going to do with the money and wisdom you earned.Of course I don't know your son, but I think this is too dicey and you are too close to the situation.  

I've considered areas close to the Falls, but sellers seem to price it a lot higher assuming the buyer can make it up renting it short term. 

From what I can tell with all the research I’ve done I need to set up the app on my phone (to see the video) while in close proximity to the camera to connect.

Definitely no way to do a full gut rehab or close to that for $50k today.

Another downside is you loose on the advantages, of the Federal Tax Code, by not closing in the name of a LLC/ LLC taxed as an S Corp, or an S Corp.If you want to close in the name of a LLC/ LLC taxed as an S Corp, or an S Corp, Mortgage Lenders will offer you Commercial Loan Terms (25-30% down, a 15-25 year amortization, and a ballon due in 5-7 years).