Real estate investing has always been attractive to me.

If you're attracted to the low down payment structure of FHA, your son could obtain a conventional loan, with as little as 3% down that would cost him less over the life of the loan (mortgage insurance premiums are generally less with conventional, and ultimately cancel once enough equity is obtained).Either way, if your son was in school prior to working this job, and the job is full-time salaried, a lender without overlays should be able to use his current income to qualify him.  

That's what has attracted me so much to turn key for my first purchase.

We bought an unlimited family pass to Legoland and also hit every other attraction or theme park within a 2 hour drive!

There was nothing there I found remotely attractive.

In the BP spreadsheet section:https://www.biggerpockets.com/files/user/ScottTren...Memphis is the clear front runner in rent % of price, which is attractive from a cash flow standpoint. 

I think a 40-50k dollar renovation would make this one of the most attractive duplexes in the area.

More than half say that the few quality assets available are overvalued.I present the conclusions of the study, Trends in the Real Estate Market in Europe 2017, prepared by PwC and the Urban Land Institute:TRENDS OF THE REAL ESTATE MARKET IN 2017The expectations of investors in the European real estate market in 2017 are marked by the lower availability of quality assets, lower economic growth and lower profitability:It remains a very attractive market thanks to the relationship between risk and profitability, but most respondents believe that last year's profit levels will not be reached.Investors believe that the impact of Brexit will be limited to the British real estate market and will not significantly affect investments in the rest of the EU:To the question of which alternative sectors can be attractive for investors, the most frequent answers are: Accommodation for students,hotels,nursing homes,shared service offices.Germany, the United Kingdom and Spain are the three most attractive European countries to invest.

If you do want to try to stay semi-local, you could look for a multi-unit that allows you to buy/live in one of the units with a low FHA down payment.If that doesn't work, because it is still too expensive in your area, you could look into turnkey companies in other states where returns tend to be much more attractive.  

Another minor benefit is that if I were to sell it in the future, it would be a way to attract buyers.