They would be putting in some money and their service as sweat equity, and we would be putting up money and my wife’s services. 

For example, if I send my son money for books, can I do so as a property manager fee so that this is also tax deductible.4) If my son, finds the monthly payment to be to much while he is in school and I end up shouldering some of the costs, how long per IRS rules can I carry a loss on the property.Any help would be greatly appreciated.Thank you.

I know they raised a lot of money though

My name is on the deed, but I don't have enough money to do what needs to be done.  

@Geoff Engel If you don't want to be a landlord but still want to be involved with investing you could be a private money lender for flips or in partnerships and bring the money to the deal.

Are you looking to just put the money to work or looking to be personally involved in getting, rehabbing, and dispo of deals?

Taxes are high in TX with real estate, so put more money down to create some cash flow.

If so you should be able to cancel but if you are doing it out of the inspection period you are stuck and could run the risk of losing your earnest money if you put any down. 

You can use seller financing, or you can use hard or private money.

He doesn’t even need the money; he just wants to give back / pay forward. “ .