Even at $2200 I don't expect to get a positive cash flow for the first year, but that's okay as long as I rent it out and learn from my mistakes for my next investments.

If your goal is financial freedom, which is a long-term goal, not so much.Financial freedom is a long-term proposition, not a one-time event.

I'm still new to real estate investing but I'm open to feedback  @Jade FrankIt really depends on your long-term goals.

I currently manage a long term rental and working on a single family home fixer (will probably convert to rental in the future) in Cali.

For example, if I send my son money for books, can I do so as a property manager fee so that this is also tax deductible.4) If my son, finds the monthly payment to be to much while he is in school and I end up shouldering some of the costs, how long per IRS rules can I carry a loss on the property.Any help would be greatly appreciated.Thank you.

very sorry to hear that. a lot of "professional" unfortunately only look at you as a number and not a long term relationship. you should be able to put a complaint against home inspector to hopefully recover some damage they missed

Once you do this conversion you can't change it back to a traditional long-term rental. 

How long did you hold this property for?  

How long have you owned this property? 

I do generally agree with the sentiment of Austin and the other hosts that fundamentals will always win out in the long run, and this by nature is a long term industry, even the sales side I'm learning.