"Good about deductions" sounds a lot like "doesn't make enough money to be a homeowner", so he should keep renting from someone else, and you should do what you're going to do with the money and wisdom you earned.Of course I don't know your son, but I think this is too dicey and you are too close to the situation.  

@Aristotle KumpisWe do 10+ Flips/BRRRRs annually and fund with Hard Money and Private Money.Hard Money will fund 90% of the purchase price and 100% of the rehab on a draw schedule.Our Private investors will fund the remaining 10% of the purchase price, the first portion of the rehab (to be drawn later from the HML), and the holding costs.Of course, with private lenders, you must give up equity or a return on the debt.

They said they will not take rent into consideration and declined me because they are using the mortgage of that new loan, my current mortgage and HELOC payment off of just my income now, which is dumb because of course I can’t qualify.  

The folks on BP are a great resource as is all the training and tools. 

Of course!

Of course, growing has inherent risks involved.

Of course you can get discounts for having certain items FULLY updated, like plumbing.  

And of course there would be no pattern of such, say like doing it multiple times...... 

Of course it all depends on pricing and what your target demo is.

And of course, getting financing squared away is key so you know your price range, which will help narrow down locations and strategies.