Obviously, your son's preferences play a huge role in what he will enjoy/be drawn to study. 

I am planning to buy a house in Bronx, close to the city, I found a single family house 1 and 1/2 bathroom, 3 bedroom, finished basement, garage, and yard,The house looks in really good condition, I already made an offer for 570.000, in melrose Bronx, I know this is not a safe neighborhood, but I do believe the house will appreciate and also I think I could easily rent it since it’s close to the subway,What do you guys think, will a house in melrose Bronx will appreciate it, taking into account it is close to projects and it’s in melrose? 

Go with a self-directed account. 

By keeping operational expenses around 35%, I aim to ensure that the property remains profitable even after accounting for maintenance, CapEx, property taxes, and vacancies.2.

I've decided to put the excess in a savings account just in case the city realizes the mistake and wants the money back.

@Ted Akers  got it.. since It was not my business model I just fast forwarded to your default position..I have a proctor insurance account so I can insure for monthly fee. so house was protected for the few days I owned it. 

Consulting with an accountant who is focused on real estate can help you make the right choice here 

At closing day, part of the full cash purchase amount in escrow (~700K) will pay the default amount (pending) they owe the bank, 20K will go to their own account to help them find the next rental place.

The key with condo complexes is to do due diligence on each individual complex as far at whether they are warrantable, VA-approved, and whether they might be facing any upcoming special assessments or have issues with the state-mandated structural integrity studies and their reserves.

Your portion will be deducted from your proceeds.To your question, however - if somehow you managed to avoid paying the taxes and closed without the taxes accounted for, then the new owner would have to pay all of them or would have a tax lien placed against the property.