Just my personal opinion - get a mentor or a person who already has good experience running STR business, preferably in your area (but not 100% required). 

While I’m open to both turn-key and fixer-upper properties, my preference leans slightly toward value-add opportunities where I can improve the property and increase equity or cash flow.That said, I’m also happy to consider turn-key options that provide immediate cash flow if they fit within my investment strategy.

He is my preferred lender, as well as, fellow investor  too.

I have some clients who prefer to have a PM for maintenance/contact/rent collection/general management and will place tenants and write leases for themselves in exchange for a reduced rate.  

I understand the pros and cons of both so no real immediate preference.

This cultural preference for renting creates a steady demand for rental properties, ensuring reliable cash flow for property owners.Additionally, many Germans face a significant shortage of affordable housing, particularly in major cities like Berlin, Munich, and Hamburg.

Private lenders, like who I work with, prefer to lend to properties held under an LLC. 

Invest with syndicators who have a narrow niche and proven track record.For example, if an operator has done 5 or 6 workforce housing value add deals in Dallas, and they are offering a similar deal now, that would be encouraging.if however, their current deal was a brand new luxury Class A building in Charlotte and this was their first acquisition in Charlotte and their first class A deal, as an LP I would pass.Find operators who do one thing and kill it in that space.Find operators who own or have gone full cycle with similar assets in the same market.For example, my firm, Spark Investment Group has a very narrow niche - sub 100 unit MF or BTR in Greenville SC.

Your son is likely paying more than the property is worth, by definition, as the seller would almost certainly prefer a similar offer that was not subject to. 

I've always been about building something of high quality that is sustainable and like you said I think I'd prefer a little less cash flow in an A class neighborhood.