How difficult or easy has it been to get tenants secured in that area?

Also, to your point, it's easy to realize returns off 35k invested - especially when the principle payment year 1 alone is around 15k.

So your son is wholesaling the property then, it sounds like, and sellers are willing to sell subject to the existing mortgage to the end buyer?  

Small is easy to maintain as long as renovations were done correctly.

It’s inspiring that you’re both already running your own businesses—it sounds like you have a great foundation to build on!

From there, it's easy enough to look up the tax rate for corporations and make your tax burden assumption.

A new construction project in Kansas City sounds exciting!

With the exception of building a trailer on the property (these are hard to finance), this sounds like a good plan AND if you are using it for your business AND your business pays more than 50% of the rent (if you have more than 1 tenant), then this is a more financeable property in the eyes of banks and credit unions as it would be consider a commercial "owner-occupied" property. 

Any good HML will be happy to share the contact info of borrowers so you can see how easy the process was and how well they treated the investor.Can you share a recent closing document or HUD?

So, if you have 10 units and you are going to pay $1,500 a month and you are working on an active income job, too, this is an easy switch due to the labor mentally and physically (even if it is just phone calls) to get these rentals running as a well-oiled machine.