Sphere of influence purchase - off market opportunity.

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

Any other fees such as close out fees or payoff demands are paid out on the back end when your loan is refinanced or paid off.

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

If anyone has an end lender that has successfully closed a handful occupied padsplit loans and can underwrite based off actual padsplit rents I would really appreciate an intro.

Now, seems like a simple task- take the old door off and put a new door on.

All of these assets are paid off.

The guru your son is learning this technique from is likely not telling your son that the deal will almost certainly encourage your son to get an "off-market" deal from a "wholesaler" who is unlikely to properly disclose the details of the property or encourage an inspection. 

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

The Real Estate Rookie podcast is such a great resource—you're off to a fantastic start.