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. 

Self managing C class units can be very deceiving.  

So I self-financed the first draw, thinking that it would help move the project along, but that proved to be a big mistake because Delta stopped responding to me after that. 

@henry Clark has posted on BP exact detailed steps to create a self storage facility.  

•Deal evaluation: Simple, actionable advice or tools to help me confidently analyze and structure deals.I’m also looking to network with wholesale-minded agents, understand local buyers’ preferences (buy boxes), and explore mentorship or partnership opportunities that can help me gain momentum.I’m eager to learn, take action, and build something impactful for my family.

Including a self-canceling clause in the note ensures the balance is forgiven upon the parent’s death.

Just ensure the agreement is clear and formalized.Pooling reserves across properties might make sense if you’re confident in your cash flow and other contingencies.

Are you currently self-managing or do you have a management company?

Generally buying in nicer areas leads to better experiences and confidence in your investing, but lower cash flow when you move out.

Hey @Nicholas Hausmann - I can't provide much feedback on Springfield Illinois it self since I am up in Chicago, but it seems like from what everyone is saying it's a solid cash flow market.In general, it sounds like you have a solid plan...I recommend making some trips there to meet some of the local investors.