I'm looking for super low cost, or preferably free.

Also have to look at opportunity cost.

Quote from @Celli Mowery: As a BP binge listener, investor and agent, I'm curious why smaller areas of Kentucky are not receiving focus with their low land costs, & lower entry points?

Good cost basis on the land and a strong ground game to complete.

Will it cost more?

A deal that’s “close” but not quite right can still cost you big.

Houston, on the other hand, has higher appreciation potential, a growing job market, but also higher entry costs and more competition.

Sometimes, unseen issues (like major repairs) end up costing more than the discount you negotiated.Final Thoughts•If there are no major rental restrictions, and the numbers work based on rental comps, this could be a great first investment.

My son currently lives in the townhouse b/c he is going to school and works in the area.Since he is young and starting out in life, I would like for him to only cover the basic costs (taxes, HOA, utilities) just enough for me to break even (I believe that will put him slightly little lower than market rent rates). 

You aren't necessarily building that much equity (cost of building exceeds the value) but it is a third option that is a hybrid.Another factor is location.