It’s important to recognize that your landlord likely isn’t thinking about selling the property right now, especially given their personal circumstances.

I typically don't comment on other's businesses unless I know from personal experience.

One-person rental units are in the highest demand, and co-living directly appeals to this market.

Tell me - someone selling their home to your son, Subject-To - is this a person who has made good life choices? 

Be that person who set's up some STR's there, runs em there, and really caters it to the US "bucket list" tourist. 

I was thinking if I can talk to my neighbor about sharing the cost (I, the landlord, personally provide labor and my neighbor provide material (e.g. fence pickets)).

For instance, said property manager manages maintenance issues, problems that arise during bookings, basically anything that needs a physical person at the property, while I manage the rest?

Personally, I wouldn't offer SubTo or a Wrap, For reasons I've written about fairly extensively. https://www.biggerpockets.com/forums/70/topics/1227199-the-m...However, I would sell on "Lease Option" and that may work for you.

It's a personal preference.

Any recommendations on Houston REI groups that meet in person or virtually?