What I would like to are some reading recommendations for learning the meat and potatoes on the processes of completing rehabs, and the processes of working with contractors?

Or, the "pay me to learn how to raise money, so you can then go and raise money for my deals".  

You came to the right place to learn more about real estate investing!

@Lina Truong definitely submerse yourself in MTR learning for at least 2-3 months.

I learned enough (in summary) what they needed to do their job in getting my funding to make it easier on myself.

It doesn't take long to learn how to spot a good deal.6.

Is this is a viable strategy, is there a good resource to learn more about this?

The guru your son is learning this technique from is likely not telling your son that the deal will almost certainly encourage your son to get an "off-market" deal from a "wholesaler" who is unlikely to properly disclose the details of the property or encourage an inspection. 

ARV is $386,000.00 Lessons learned?

It can be discouraging for newcomers.Solution: Develop resilience and learn to view rejection as part of the process.