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

Your house loans will be long term say 25 years.

The least states:"Tenant shall pay a "late charge" not in excess of five (5%) percent of the amount in arrears for each month the arrears remain unpaid if any Rent is paid more than ten (10) days after the due date thereof, to cover the extra expense involved in handling delinquent payments.

There are so many variables and some of the biggest misunderstandings come from regional variances on how these variables are handled (mortgages & financing especially).I had thought progressing towards multifamily and then commercial was the obvious path to follow, but one conversation changed it all.

@Kris Lou Be careful with agents as 95%+ of them really only know how to handle owner-occupied transactions.We don't do biz in Indianapolis, so this is unbiased info we hope you find useful:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Today I had a heater issue and snow company that was late handling commercial before residential so we ended up clearing it.Open to each option.

The landlord policy will usually address liability and rental income loss for the rented unit, while the HO3 covers your personal belongings and liability for the owner-occupied unit.

I did like some features of Avail as far as using it for developing the lease and collecting rent but that left me with too many other functions I had to handle elsewhere.

If you're a PM, how would you handle this owner?

The Fannie and Freddie programs handle this issue slightly differently.