Do you own a personal residence yet?

Holding a piece of real estate over time that a resident provides every dollar you will need to cover the holding, maintenance costs, and financing costs, all while it goes up in value, is the same with a property marketed "turnkey" as it is with any piece of real estate. 

Quote from @Andrew White: Investment Info:Single-family residence buy & hold investment in San Antonio.

During the escrow/title process, you are finalizing loan documents, reviewing title documents (HOA disclosures if applicable, title reports, etc), obtaining homeowner's insurance, and preparing to wire your funds to title. 

If you refi into another FHA loan, you will still have monthly MI.Another point - FHA loans cannot be used for investment properties - they're for primary residences only.

My husband and I just moved into our new primary residence about 40 min outside Savannah, GA.

As the old saying goes, it's better to "get prepared, aim, and then shoot vs. shoot and then aim." 

Investment Info:Single-family residence fix & flip investment.

For the son to qualify for the $250k exclusion, I believe he would most likely need to meet the ownership and use test, meaning he needs to own and live in the home as his primary residence for at least two of the last five years before the sale.

This way if there’s physical damage by residents the company pays the first $500 to fix it.