I recommend the book: "BRRRR: The BRRRR Rental Property Investment Strategy Made Simple" by David Greene and Clifford Ponder.Message me if you have specific questions I can help with.

These operators totally bungled the deal and operation but still made money due to the market.2.

What made you interested in investing in this type of deal?

If you are just carrying it, why keep it if you know you made a bad deal? 

Better yet, tell your son to talk to them like a normal human, not detailed in bullet points, and just say “hey man this isn’t working.

If they meet the requirements for a PE right the only way to actually confirm is again through the courts where a judgement is made.

I have made a lot of money in both.  

You are correct; I made an assumption that we wouldn't be able to sell through a realtor based on the factors against us.

We really like the cabin, but I feel like the value is less than what I made an offer on; I'm overpaying for 1.02 acres in a less desirable zip code.

Sellers rarely mind the low deposit and extended closing period due to the nature of the property, or at least they can be made aware of the fact that their lot has issues that will take MY time and MY money to solve and then they come around.My terms on the flip are: Minimum 10K spread between purchase and flip value.  1-2K deposit upfront to hold the property for 7 days then the deposit becomes non-refundable after the 7th day and the buyer has the same amount of time that I originally negotiated with seller typically 8-12 months(its a purchase contract but because of contingencies its essentially an option).