Any landlord that offers this should have their head examined! 

There are things you need to be aware of prior to going down that path, though

Did you find any prior knowledge (tenant screening) of pets moving in?

Or would the son have to own his half of the home for two years prior to selling in order to qualify for the exclusion?

It appraised 242k prior to any renovations.

I recommend you speak with a lender about reviewing whether you could qualify for a loan prior to making an offer, as I've seen these kinds of things blow up.

Across the remaining portfolio, I have a really good amount of equity which I can tap into based on opportunities but need to finish cleaning up my personal debt prior to going that route to get best rates etc.

I - nor my clients - will rent to anyone without having of proof of engagement prior to moving in.Hope this helps.

USDA does not.If you have a job gap (6+ months of unemployment) on an FHA loan, then you have to go back 2 years prior to the job gap AND be back to work for 6 months before you are eligible.How to avoid this? 

Many experienced investors are humming a long similar to prior to the rate hikes.