Welcome Alana, you will find a lot of helpful people on this platform.

Sounds like an interesting project but I am sure there is more to the story.

All the various consumer laws exist specifically to stop bad actors from doing stuff like this.

Quote from @Nadeem Alamgir: Hey Brandon, those hiccups sound pretty normal, especially with an older property.

Interest rate- prime plus? 

Looking forward to seeing your progress—this community is a great place to learn and grow! 

The guru your son is learning this technique from is likely not telling your son that the deal will almost certainly encourage your son to get an "off-market" deal from a "wholesaler" who is unlikely to properly disclose the details of the property or encourage an inspection. 

Quote from @Ryan Fitzgerald: Hello BiggerPockets community!

Quote from @Khalid Bryan: Hey, I love this question because it got me looking into cost segregation studies, and honestly, I’ve always just thought of it as breaking down expenses and depreciation—never really called it that fancy name.

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