So the lender is in the clear and Lendbase isn't actually the lender.  

These are very different than Subject-To, as the loan actually transfers to your son's name, and off the seller's name. 

Quote from @Jai Windish: Hey everyone,I am from Illinois and actually closer to Peoria than Champaign, but choices were limited.

I had a client who actually decided to pursue converting the house to a boarding house to avoid any problems in the future.

After 20+ years in real estate partnerships, here's what actually puts you on the IRS radar (and what doesn't):REAL Red Flags That Matter:The Partner Complaint TriggerDisgruntled partner files Form 8082K-1 disputesPartnership disputes leading to tax filingsReal Impact: Instant IRS attentionSuspicious Loss ClaimsLosses exceeding investmentArtificial basis inflationSudden large losses without economic realityExample: $100K investment claiming $500K lossesRelated Party GamesCircular property flipsBelow-market transfersFamily partnership schemes without substanceWatch Out: IRC §267 and §707(b) violationsDebt Engineering Red FlagsBasis inflation schemesArtificial guarantee arrangementsPartner debt shifts near year-endCritical: IRC §752 compliance matters!

If you actually need to do permits on everything or just structural fixes and big items (I.e. roof, siding, windows, etc.).

Well I guess because it does require real work they have to actually find the deals coordinate the rehab and get them sold..

I’ve actually eaten at that LazyDog, it’s in a prime spot, right near the mall, so I totally get why you’re drawn to it.

In many cases - properties sell for MORE if there is a vacant unit (especially if it's ready to rent) as you can market the property based off market rents as opposed to lower, inplace actual rents. 

Last 2 years single family has continued to increase due to limited supply even as rates are where they are (which is not actually high).