My first piece of advice would be to not get complacent and think that just because there may not have been a hurricane that hit that area in the recent past that the chances are low.

These are the 2 pieces missing for us to get all the math to work.And finally, knowing what you know and seeing what you see... 

Bigger Pockets is the biggest piece of evidence I have for that.

Eventually, after establishing a track record, start to take a piece of the deal(s) that come through.

Wood floor guys said sometimes it breaks if put on in multiple pieces.

Different rooming house clientele require different management skill sets.In this situation where the rooming house is located in the same building, the clientele of your rooming house will govern the clientele of your apartments.If the commercial client(s) have a net lease and are paying for their own maintenance, $9K/year might be about right.

If you join a local REIA and get to know people in the business, you can make friends with people who can really help you put the pieces together and get a good understanding of what's reasonable to expect in your market. 

You could make the proceed check out to that fund.What's important is to let the son know that he won't be required to deal with the sale... you'll take care of all the details and make it easy on him.One last piece of advice.

I have a client looking to grab a BEAUTIFUL piece of land for development because he can close as soon as zoning is done and the big guys want to wait 15 months until their current subdivisions are closer to finished.Proof of ability to close within 30 days of zoning/platting approval should look really enticing to a seller

@Jay Whitfield More like the renter knew how to be a complete piece of sh1t human being....