Quote from @Brian Bowen: I have identified a couple properties I would like to inquire about.  

@Scott Trench REPS cannot automatically use the LP interest to offset their income.

Even if not immediately then your son would owe it when he sells, so no advantage to this strategy. 

Quote from @Jake Hughes: How long do your renovations typically take when hiring a gc?

The lender may want a certified letter from the accountant to verify this fact.Best of luck!

This can be a compromise if not aligned with long-term vision.

Investment Info:Single-family residence buy & hold investment.6 unit PadSplit What made you interested in investing in this type of deal?

My question is if I made the HELOC go away from my cash reserves, could we then agree to seller finance the remainder and then use the cashflow from the STR to pay her plus give her a percentage to manage the property? 

Unfortunately being a rookie I went with an inspector that came from a company that had a solid website and the inspection failed to spot many items.

Would like to learn more if anyone has anything recent to share.