While I’m open to both turn-key and fixer-upper properties, my preference leans slightly toward value-add opportunities where I can improve the property and increase equity or cash flow.That said, I’m also happy to consider turn-key options that provide immediate cash flow if they fit within my investment strategy.

If there is minor rehab (such as painting and cosmetic improvements) you can still close on a DSCR loan, however it may affect your appraised value, which could also affect your market rent if its a vacant property.

The bigger you go, the less competition you'll have and the greater your chance at some serious cash flow. 

If they can afford to stay, chances are they need to refinance and get the X name off the loan.   

The chances of you getting $11K in value from a course is likely quite slim.1. 

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. 

Hey there, I currently live in San Antonio, TX and there is a big chance I'll be living in NYC starting next month with my partner.

Plenty exist for private lenders (which is what seller financing is) and can track payments and am tables and also do automatic electronic withdrawal (ACH debit) which helps improve the likelihood of getting paid promptly each month.

IT can definitely be improved from an ROI standpoint with metered and reassigning all utilities, charging for laundry, renting garages to tenants, renting storage space.I own a portfolio of duplexes and single family properties that are doing well. 

Consider increasing rent, refinancing, or switching to a mid-term rental to improve cash flow.