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

Not to say that people aren't somewhat responsible but there are some factors out of people's control.

There are plenty of folks who stay away from condos because of the lack of direct control due to the HOA but if it's a larger complex with stable management and a businesslike approach to capex and maintenance I think you could do fine.

Year to year you can't control the rising expense of a flood insurance.

Two things that stand out to me:You mentioned traffic - as a property manager your highest value is not driving to the properties.

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. 

Small town in the Midwest as two highways (2 lane medium traffic flow) that intersect at the corner of its town.

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.