It doesn't sound like it would be a problem to me.

Many people buy a house with a FHA loan and then turn it into a rental but it doesn't mean it's always allowed.

With this route you can purchase a turn key property and expect to lease the property immediately or purchase an existing rental from an investor that doesn't require rehab and has strong numbers. 

Quote from @Brandi Jefferson: Quote from @Jaycee Greene: Quote from @Brandi Jefferson: Hi Jaycee,Tampa doesn't have much inventory on MF, so I'm starting my research outside my market, and learning what I would need to make that happen, since house hacking is likely not an option.

Sorry, but this is another one that doesn't have a black and white answer.

He'll still be renting - just from you instead of others, and at all the costs to you that you have enumerated.Your son doesn't "need" to buy a house.  

It doesn’t matter who you work with or who you don’t work with.  

He doesn't say no inspection, he says no inspection contingencies.

And the cracks mostly follow the drywall seams from what I can see, which is typical....And as @Patricia Steiner said, it doesn't look like a pro installation....You could ask the Contr to use a flexible compound if this happens again, or maybe even now...https://www.dap.com/products-projects/product-categories/pat...Like everyone else said, I'd have it repaired - by a licensed Drywall Contr. - and then just check in on it.

Consider defining clear roles, ownership percentages, and responsibilities upfront, and ensure you’re protected if the partnership doesn’t work out.Since you already own properties, it might be worth consulting a CPA who specializes in real estate for advice on tax strategies specific to your situation.