Not sure your living situation but something I would definitely consider if possible. 

"Good about deductions" sounds a lot like "doesn't make enough money to be a homeowner", so he should keep renting from someone else, and you should do what you're going to do with the money and wisdom you earned.Of course I don't know your son, but I think this is too dicey and you are too close to the situation.  

I know and am prepared to do all the overhead work necessary to find a property that will qualify, but I just want to know if it is possible in my situation.

First - Have a discussion if the rental loss will immediately help your tax situation. 

The PM should be an expert on state law, and they should have policies and procedures in place to handle these situations.

Obviously tough to give advice based on minimal info and no info on your personal situation.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

The lender did everything wrong in this situation and now are paying for it.Now they are trying to sell the loan at a slight discount (oh did I say its a 0% interest loan and they jacked up the UPB of the loan instead of adding interest) - again another rookie mistake. 

Sometimes letting them do their thing can save so much time and stress!

Here's how to handle your situation for tax purposes based on IRS guidelines:1.