Quote from @Jason Wray: Yes, you can use an FHA 203K program or even convert it to Fannie mae and use a renovation loan if the LTC/ARV allows.Cool thanks for the info!  

Does anyone have a "program" or formula to use to establish a reasonable list price based on current income and expenses.

This tool (no affiliation with BiggerPockets) can help your son find properties with assumable loans. 

LLCs tend to be beneficial for financing options if using hard money as it can be required depending on the program.

Had someone in mind who I thought would be great but he wants to add fees that I feel are unfair including $200 admin fee (on top of credit report fees) and mandatory 41.45 monthly for enrollment in their program which includes rental insurance and hvac filters, identity ins, and a few other little things.I've managed to keep costs pretty low for my tenants but realize I've been cheating myself. one is buying. 

However, these programs typically qualifies borrowers based on their income, such as tax returns.The DSCR would be a good option considering you and your husband are entrepreneurs and the tax returns don't look good on paper.

I am writing this because I appreciated the call and while I have no affiliation with them or have experience working with this company nor have I invested with them - they answered the phone immediately. 

My original plan was to utilize a real estate agent to be my property manager that I met through a Dave Ramsey referral program, but I'm exploring if I should attempt this on my own.  

Some people like the Section 8 program, others don't.

Every program has different guidelines!