It has provided no estimate of when distributions will be resumed.Nonetheless, it continues its barrage of self-promotion and continues to project large profits on current offerings.The proof is in the pudding.

So, you are not at limiting your self when buying a new property.

As others have said, the best thing your son can do is run far from this deal, buckle down, save his pennies (he probably already is doing this), house-hack, and improve a property with sweat, hard work, developing a DIY skillset, and self-managing tenants. 

Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts.

I am a big proponent of self GCing new construction investments, as long as it is done correctly.

Self managing C class units can be very deceiving.  

However if you are self managing, that is work. 

It felt like everyone I found were self-serving, looking to line their own pockets, or not willing guide because of fear of competition.

We self manage our properties, but we provide maintenance work for others rentals and pretty much all the property managers around here are mediocre. 

If rents don't increase faster than inflation, you won't have sufficient funds to cope with rising costs.