If you want to stay in your house, then your only option would be to leverage equity which will probably be in the 8-10% interest rate range.Not knowing the entire situation, I think you could consider downsizing and then using the proceeds to buy a 2-4 unit property and start making $40-75K right away with still no debt. 

When you're selling a home, pitching an investment, or persuading someone to take action, the right buyer questions are music to your ears.Some questions stem from curiosity, while others show serious interest.Home Sales: ▪️ "Does this home come with appliances?"

Sounds like he will be the "GP" and you as parents will be the "LP".

We have experience purchasing properties through our LLC using lending, where we own 100% of the properties.

What are you estimating the value, $450k? 

On the flip side, I am in the process of acquiring over $1.5M in defaulted DSCR loans form borrowers who are your age that put 25% down but had no money to fix any of the problems  = lost the renters and walked from the property.

Between the time associated with making the investment, tied up capital and associated stress involved, even if the investment breaks even or produces a small gain most would look back and wish the money sat in their account until a better opportunity presented itself.

What you are trying to cover with the umbrella policy is the 'slip and falls', which can easily be a million dollars or more if you are found liable.

Contact the zoning department and see if you can get the property rezoned as a duplex.

@Michelle Simoni seller-financing usually only works on sellers with a problem they are motivated to get rid of:1) Been for sale for 120+ days2) Nonperforming property3) Problem tenants4) Deferred maintenance issues5) No equity6) And obviously they want to get rid of the problem MORE than they need their cash out