.: Maybe someone can educate me on the actual uses and mechanics of using a substitution of collateral clause (aka substitution of security) in a loan when you are the borrower.

The hilly terrain is a main reason for this and you can't really see that on a map so knowing the areas is key.We have old housing stock as well so big things like plumbing and electrical can vary cost wise if they have or haven't been updated.

While the taxes on the listing may seem reasonable if it turns out they’re 300% more than they were two years ago just because the community has increased its spending this is a trend that will quickly make your cash flow evaporate.

I wanted to start with a cheaper property I could reasonably afford and also learn from.

A reason in all markets to potential keep at this time is that you may have significantly lower interest rates if the purchase was done no later than q1 of 2022.  

Maybe it’s just gut feel, but for some reason It FEELS like these two scenarios will provide excellent opportunities moving forward, while fishing for notes to purchase at significant discounts to current principal enough to yield sufficient returns doesn’t seem as promising.  

•Find out who actually makes decisions—tenant approvals, renewals, evictions.

These are very different than Subject-To, as the loan actually transfers to your son's name, and off the seller's name. 

Ease of working with owner = easier for you to cohost --- some owners micromanage and 2-3x the amount of work for you for no reason.

Actually, I think you missed my point.