Quote from @Alex Fierro: Greetings, finding a business/real estate lawyer that will actually return calls or emails has been taxing so I decided to post here to get the advice from all the gurus.

A short sale happens when a homeowner is at risk of default due to financial distress and the bank wants to recover as much money as possible.

I'm talking to the seller's broker, but I would like to find my own people to assist with the due diligence period, such as an SBA loan broker, an accountant with experience doing QoE for this kind of transaction, and a lawyer.

This seems like a lot of work to save 15% of $35k in taxes (Less than $5k.) especially if you have transfer taxes or title insurance, or you convert your long term 15% rate in to your son’s regular income tax bracket.I hate paying taxes as much as the next guy but this lemon isn’t worth squeezing.

If she did any due diligence whatsoever she would have seen that.  

They should put the tenant on notice, and indicate their intent to terminate their lease if they don't correct the problem.If you have no such clause in your lease, you can find the owner of the property using tax records, then skip trace the owner and contact them to let them know of the situation.

That was the sales pitch that looked attracted to me and here I am 3 months after closing and no tenant, even the numbers looked good, my ROI was going to be decent, but looking at the new tax assessment next year my numbers are going to change a lot, leaving with very little cash flow.

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Real estate pros buy property using leverage and bonus depreciate to perpetually defer taxes.

As someone else stated, once you own a property in SC your property taxes will be about triple that of an owner occupied person!