You might consider a Shopsmith. They are available used everywhere. Prices vary quite a bit depending on the market and condition. But you can get a table saw (often the weakest part by it's critics - but I have modified my SS and can rip an 8 foot board by easily), a good drill press, horizontal boaring machine, lathe, disk sander, belt sander, drum sander, small (4") jointer, and bandsaw. I've had mine since '82 and only repair I've needed to make was to replace the on/off switch twice.
They don't take up much floor space when not in use, not much larger than a bicyle and can be configured in a number of ways. It's like the Swiss Army Knife of woodworking. Certainly not for everyone. ----- Just my 2 cents worth.
Great opportunity to work with your grandson, I'm jealous!