I don't really know, this is my first attempt at this, and given the unique property, really can't afford to spoil the opportunity. 

While I am licensed to practice law in Ohio and also do a good bit of taxation work, every situation has its own unique set of facts.

First, you and hundreds of other agent are prospecting these people in this situation so you wont be unique to most of these potential sellers.    

Learning about all aspects of investing will help you "explore".A couple books/series to recommend, in addition to many titles you will find by searching other threads in the forums here, include Rich Dad Poor Dad series of books as well as The Millionaire Mind/Millionaire Next Door series of books.  

My firm has a number of property management clients who write their unique properties and firms liability and workers comp with us while writing some of their more standard properties with other agents. 

With that said, @Rochelle Wilkinson your son is in a unique situation; you and your husband both own your own companies, so it looks like the entrepreneurial spirit is strong in your family.

I have something unique there.

Nothing is sure thing.If the contractor says the repairs will be 20k and you don't have enough to cover that then you will have to explore your options of how to pay or walk away from the house.Eventually when you do enough of these houses you will have a general ballpark of how much money to set aside for repairs.

I'm especially excited for you and your unique background and experience you've already got! 

When you're talking about an area where rents can go from $1,200 a month to over $2,500, that's a huge hit that can bankrupt a lot of newer landlords and take a very long time to recover from.I think you have the unique opportunity to make your mark in an area that your family already invests in.