In Columbus, you can still find the 1% rule and there's amazing appreciation potential due to how much population growth, job growth, and companies moving/developing there (recently Anduril just announced another 4,000 jobs coming to Columbus Ohio on top of Intel, Google, Amazon, FB, Nationwide, Ohio State University, etc.).

Here’s an example of one of our current developments:- A development with 7,190 total linear feet could accommodate 119 homes on 60 ft lots.

You can still buy houses in small farm towns in MN for $25k.

We are not currently under any sort of contract and we just found this thread through a google search on Lendbase.We are currently working on a construction loan to develop some residential lots, assumed the Mortgage Broker would be on the up and up... had some sales-ey call with a guy out of Utah. 

My first self-developed software gave me efficiency.  

Small multi-family is hot right now due to house-hacking (low barrier of entry), and future cash-flow. 

@Rosmery ThenMy partner and I are in the same situation, just he has 20 years of construction and development experience.

I knew I wanted to develop an empire, scale my business, and achieve 100,000 units.

The housing market never ceases to surprise us. December marked a big moment: for the first time since mid-2022, home prices increased year-over-year in all 50 of the largest U.S. metro areas. Yep, every single one.
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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.