I plan to put a $600 utility cap in the lease.

I'd like to use this to make an "all-cash" offer on a SFR, and then convert that to a conventional mortgage to pay off the HELOC.  

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. 

What is your plan after rehab.

Dude, you're paying rent to someone.

One lesson I’ve learned so far is that patience and thorough due diligence always pay off, whether it’s with property acquisitions or selecting the right team to work with.I’d love to hear more about your journey and what areas of real estate you’re looking to focus on.

You’re up 40% over your withdrawal plan.

No you won't benefit from the tenant paying down your mortgage or the house appreciating, but you also won't have to deal with tenants, maintaining the home, etc.

One didn't make your list.1) I see people all the time raising money for real estate deals but they call it a partnership either because they are ignorant of the law or they are trying to avoid paying for all the legal work. 

You’d need a clear exit plan and enforceable lease terms to protect your investment.Think about the following:Tenant Risk – Can they truly recover financially, or will you face another eviction situation?