Gifting 2nd home to my son?

[Oh_hunnihunni]

Perhaps you could sell the house to your lad, with a deposit of a very modest sum (the least legally possible) & he could pay it off at $20 pw or something similar.

$20/week is only $1,040/year. At that rate the OP's equity in the property isn't going to change to any real degree.

Consulting a lawyer or accountant is the best approach for quality advice.

It is. Once you've picked a good one of either variety...