Your son is likely paying more than the property is worth, by definition, as the seller would almost certainly prefer a similar offer that was not subject to. 

Hi,As someone that moved from CT to SC, I will tell you property taxes here are very low, you would feel the same coming from NY. the 4% for primary and 6% for a rental, at least in Charleston County where I live, is not 50% more it is really x3 more , but still low compared to NY, so while others from SC may see it as high, you may feel it is a bargain.Not only that, being a landlord here is much easier, you actually have rights on your property, which is not really the case in NY/CT.I read your mortgage rates are in the 4's, expect to pay in the 8's right now, so unless your plan to pay cash, which, I personally am not sure I would do for an investment, many reasons for that, it is going to be very difficult to make money. if you are looking for appreciation rather than income, it may make sense.Hope this viewpoint from someone that moved a few years ago from similar place is helpful. 

This alone really turned me off, we stay in hotels now and I have gotten similar feed back from other friends and family members.

It's also easier to handle dips in census similarly to dealing with rental vacancy if you have one rental property compared to a larger apartment building.My wife loves the operations but we have steadily been working her out of the day-to-day stuff. 

Since you know what you need to buy it at and an average rehab cost, I would say $50-70k for a cosmetic flip, set the ARV based on the sample you choose and doing comps and ask them if they would invest in a deal similar to this. 

And this is only an issue in the coastal or similar areas anyway......

I figure if the equity we have cash flows better than similar equity in a single family residence in Utah would, then we should consider this AITD as a serious option.

I’m in a similar position with similar goals.

This is similar to being a private money lender.

I use this and share with my team (i.e) drone photographers, VAs, reatlors, partners, etc.Zoho Forms, I use this to collect info from leads, buyers, etc.Zoho Desk, this is a ticketing where all inquires go to and since it integrates with Zoho Forms, it creates a ticket within Zoho Desk + New Lead within Zoho.Zoho Cliq, similar to slack, I communicate with my team with this software.