I work in the biotech industry, have a daughter and a son on the way, own a townhouse at one of the most expensive markets in the country, San Francisco Bay Area. 

I will have my adult son work for me, full time for a while, but always part time.

I'll be following it closely as I set up a new future for my family and newborn son. 

Im tired of spending all my time at work and not getting see my son grow.

That said, I do have a teen son's safety to consider and a chance at 'making' my husband lose money if the island goes down even more.

The owner is the son of the deceased previous owner and I think has emotional ties to the house but knows nothing about investment value.  

Then, you pay him back, he pays his 401(k) back and there's no prohibited transaction issue.Basically, anyone in your direct line of ascendency / descendency  - father, grandfather, son, grandson, etc. - is a prohibited transaction.

The son who owns it now wants to sell it quick, but it is in a retirement community that requires the owners to be over 55.

Great question and I hope one day my son will be one of these people.  

http://www.biggerpockets.com/forums/223/topics/140...I wanted to do another one but because the issues above and I now have a 5 month old son, there was no way I could do the rehab myself.