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

Many of the surrounding communitie are up and coming with a lot of developments happening. 

Honestly, I never fully understood what they meant—until recently.I’ve been diving into some larger-scale real estate projects, specifically in commercial properties and multifamily development.

It has good integration, is cost effective, and the direct booking feature is pretty good!

If it's on your credit, you are on the hook for it.However, it shouldn't effect the loan process too much, a simple Letter Of Explanation should be able to get the job done with the correct investor. 

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. 

The area is rich in history and culture, and with ongoing investment and development in the neighborhood.

As a rental strategy for non owner occupants, it absolutely is a fantastic way to generate the highest return, that's true.....but also, and most importantly, your screening has to be on point, and without that, it won't be as effective because one bad roommate can ruin the environment for the other roommate tenants. 

The deal fell through because I couldn't line up the financing during COVID......God/Universe has a way of looking out for us...As investors, a crucial skill we develop is to take our emotions out of the situation/deal, but that is hard when we have invested a lot of time and money into a deal. 

I am also a project manager and a architectural designer for a real estate developer in NYC.