Unfortunately, over the 11 months he has lived there, he has only managed to pay the rent on time once.

I’m an investor with properties in both Indianapolis and Kokomo, as well as the owner of a property management company overseeing numerous units in Indianapolis for out-of-state investors.

You can structure it as an LLC or joint venture, which offers clearer tax and liability benefits.Your son doesn’t need to be on the loan or title if he's a silent partner, and you can manage the mortgage, credit, and insurance.

That said, here is how I would proceed...For some background, I used to run an STR management company in SATX and we peaked at about 35 properties under management. 

Update: I decided I will pay a $500-750 or so to do an initial hydro-jetting of the system. 

@Grant ShipmanIn my experience with these units are very difficult to manage and people at the 30% level also create a new set of problems.

Also, any advice on managing budgets for PPC in the real estate sector would be really helpful.Thanks in advance for any insights. 

Plus managing tenants is a bit more time consuming with this model. 

Learn local landlord-tenant laws, FHA and VA loans, and property management software to streamline rent collection and maintenance.

I definitely wouldn’t mind the help with my rehabs and getting started with property management.