I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.

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. 

OK being a life long CA and selling and developing land here for 50 years..

After analyzing hundreds or even thousands of deals, you develop an intuitive understanding of not just the numbers but their sensitivity.

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck. 

Plus, you get huge appreciation here based on how many companies are moving and developing here! 

I actually ended up going through a big career change, and attended a 6-month bootcamp to learn Software Development after 7 years cooking professionally in fine-dining kitchens. 

To be successful in Miami, you would need to have some serious capital to compete with the groundswell of experienced investors and developers.

lat=43.1688001618486&lon=-77.6159378282709 I’d also suggest considering whether you live or work nearby, so you can stay informed about any developments.