I have a lead on a property that was north of $2M during the peak but I have heard the area has seen pricing coming back to reality and would be curious to get a sense for how values are faring in the area. 

WikipediaLow crime rate: Never invest in any city on this list: The most dangerous cities in America, rankedLow operating costs: Good indicators of a pro-business climate include:Property taxes: State Property Tax Rates - Rocket Mortgage.State average insurance cost: Insurance - ValuePenguinState income taxes: Tax FoundationLow risk of a natural disaster: Natural disasters can devastate your property and the surrounding community, leading to job losses and the closure of shops and businesses.

I am kind of stuck on where I should lead him next, since he's busy with school and sports he doesn't have time for a job.

However Zillow and Furnish finder are simply going to give you a lead.

If you’re nervous, dig into local investor clubs.. from what I’ve heard, even in London you’ll find groups meeting over coffee, talking shop, and sharing leads.

There is increasing supply as a result of increasing demand but the real question you're asking is whether it's going to lead to oversupply and lower rents or not.

He rented the stores for office use, like a travel agency, and the other to a video store, when a barber shop of many years closed up.

Realistically, many properties that go to auction may be in such bad shape that they don't justify the high bidding amounts, leading to losses as I mention above. 

And therefore competition among tenants can create significant challenges, like...Businesses may struggle to establish a unique presence and loyal customer base, and a lack of profitability due to nearby competition will likely lead to higher tenant turnover.

@Loren SouersI'm going to lead with the suggestion that you consult a tax professional and an attorney.Generally speaking, you can put a rental property in a revocable living trust, which can help with estate planning and asset protection.