normally there would be a balloon payment set up for some time period.  

If down the line your son started to make the mortgage payments on his own, if you have 12 months of on-time payments from him, you can exclude the mortgage from both of your debt-to-income ratios for qualifying. 

I can see the advantages of being able to get a down payment to reinvest in a small MFR and I will be able to capitalize on my lower interest for some positive cash flow.All of the disadvantages I can think of involve some upfront investment for legal advice and work, time for further education and that's about it.Any feedback will be greatly appreciated.Thanks all!

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

We added value by re-doing the whole house, installed vinyl floorings, rebuilt 2 and a half bathrooms, re-painted the whole house, replaced all the hardware in the house, installed new lighting, ceiling fans, re-painted the kitchen, and completely remodeled the upstairs.

If you do find a deal and maybe it doesn’t cash flow for the first year or 2 but you can make improvements, raise rents on under market leases, manage property effectively and cover your expenses at least you will have started and can look for better cashflow over time.

Use this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onHere is my rating & classification for each livability score.80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below FCheers from Fort Worth, TX

@Matt Rodak runs the site and I have met him a few times and had a number of discussions with him (more from the investor side not from the flipper side).

Too many entrepreneurs make good money each year but pay Uncle Sam 35-50% of it.It takes a long time to build a massive wealth snowball when 1/3 to 1/2 of your snow gets chopped off each year.Real estate can help with this.

and if you can't invest the time and effort to do that... how can you spend thousands or tens of thousands of dollars on a property you haven't seen yourself?