The numbers all relate to any rental, except the ARV (After Repair Value) applies to flips and rehabs.

A "short sale" no longer applies, the bank owns it.....there's no longer a borrower looking to sell for less than the mortgage....there no longer is a mortgage.  

However, that's better applied to MFR than SFR.  

(That's an important question for EVERY property you buy).At the start, you will likely have to wait 6 months for each successive refi, but once you get a few under your belt, with accordingly increased ongoing cash-flow, the seasoning periods might be able to be applied to earlier properties once further appreciation kicks in too, allowing you to speed up your deal-making regimen?

I'm pretty sure you can rent it (if 5% conventional) and apply for another loan as primary for 5% down again.The process may be longer than if you get conventinal loan with 20% down but you are spending less money in down payment.I'm thinking of the doing the same.

We could wait it out until late summer/fall when he applies for jobs to see if he gets something in his current field or extends in the military to POSSIBLY get a mortgage but I don't really want to put my eggs all in this basket. 

Conventional you can apply to remove it without refinancing after 2 years, if you have enough equity.Again make sure you align yourself with the right LO who is looking out for your best interests and asking the right questions.

@Bradley Tetu (AFAIK), you realize the same questions (may) equally apply to your original home? 

There is a lot of information on BP, but much of it may not apply.  

It only applies to 3- and 4-unit properties (not SFRs or duplex) bought using FHA financing.