These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, and accounting functionality.

Since they are considering renting their properties out, sell them on the concept of getting consistent cashflow from you - without the hassles of being a landlord.You will then need to make sure you can make those monthly payments EVERY month in addition to do remodels.

If not, you may have to qualify with the full mortgage payment against your debt to income ratio, including the new home that you are looking to purchase.From a tax standpoint, you may want to speak with @Natalie Kolodij. 

The maximum fixed-rate period seems to be seven years, and there is generally a balloon payment at 10 or 15 years.

Your son is responsible for making payments on time or ruining this seller's credit. 

.- get into real estate with a lower rate and lesser percentage down payment.

What kind of account or vehicle would you suggest to start saving down payment money for my first rental property?

I was told by her that you first have to put a down payment on a property in order to see the inside?

We just need to verify that you have cash for the downpayment, closing cost, and up to 6 months of the mortgage payment as reserves.

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves.