When the son gets to the point he "controls/owns" the property, he can refinance. 

And, I controlled my business, didn't have to do anything I didn't like.

The way it is structured you have all of the experience and he has all of the control as the two smaller investors have no control, by that I mean your two votes don't outweigh his ownership- when is it time to sell, replace the roof, raise the rent, evict a tenant, etc. 

Mark when I talk to the real estate acquisitions and development managers for the area for those companies the NUMBER ONE question they will have is are you the owner, the listing broker, or do you have the property under contract and CONTROL??

Remember you don't have to own a property to control it.Download BP’s newest book here some good due diligence in Chapter 10.

Also good to know if they follow local rent control ordinances if applicable.Price wise, check if current monthly rent/ projected rent is at least 1% of the sales price.  

These are all rent controlled buildings and it has taken about 2 years average to stabilize them at the higher value.I think there are better deals after a price correction drop - e.g., 2009-2011 and I made a number of purchases then.  

Regardless of how you get on the hook to take "control" of it. :)

Remember you don't have to own a property to control it.

Remember you don't have to own a property to control it.Download BP’s newest book here some good due diligence in Chapter 10.