Here's how to handle your situation for tax purposes based on IRS guidelines:1.

Long-Term Wealth Building: Holding onto the property can contribute to building long-term wealth through both appreciation and rental income.Cons of Renting: Property Management: They’ll need to manage tenants, handle maintenance, and deal with potential vacancy periods.

If you ever decide you want a more passive approach, there are turnkey companies out there that handle everything for you.

Your son will be forced to sell or refi, and I bet you that this deal can't handle that situation. 

She can't handle a long gun. 

A professional manager can find qualified tenants who respect your home and handle day-to-day issues.

I’ve handled almost every aspect of renovations myself—plumbing, tiling, painting, drywall, and general construction.

If you have more than 4 or 5 loans, then you might want to engage a sub-servicer to handle the billing and payments.

Quote from @Brian Rocha: I'm looking to secure a HML for a fix n flip in Florida and for now and am only looking to secure for the purchase price only and handle the rehab costs myself.

Vacancies, tenant turnover, or non-payment can impact cash flow and delay your plan.Time and Effort: Managing multiple properties, handling rehabs, and dealing with tenants requires significant time, energy, and expertise.