You picked a great community to join.. have you checked out local comps to gauge the market vibe yet?

My son currently lives in the townhouse b/c he is going to school and works in the area.Since he is young and starting out in life, I would like for him to only cover the basic costs (taxes, HOA, utilities) just enough for me to break even (I believe that will put him slightly little lower than market rent rates). 

This means having to take a chance and take the property off the market for 2 weeksOption 2- Accept the offer with a provision that allows you to continue to market the property, knowing that there's a chance FHA may not fund the deal. 

Every market can be invested in successfully.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Likewise, the same can be said for properties with in-law suites or finished basements.Have you considered or explored any particular ATL markets?

I help investors find opportunities in the NYC market, specializing in residential and commercial properties.

Look at their marketing strategy.

It sounds like mistakes were made on the properties but I'm also questioning the market (you didn't say where these are). 

Lower Market ValueThe market value of a fire-damaged house is usually significantly lower than that of a comparable home without damage.