Will the extension of the 2 out of 10-year rule apply to him if he decides to move back to Colorado and live in the house in the future?

Giving them an easy solution can be a great way to try and SF a deal. 

This is easy in some markets where properties are in the 6 digit range, much harder here in the BA.I wish you the best of luck!

The 78% rule applied to conventional mortgages. 

It is an area we frequently visit, so it would be easy for us to check on our property when in town and we like the idea of investing "in our backyard" for our first property before branching out into different markets.

Not an easy feat by any means.As a financial advisor who has many close friends who are currently in residency, I would say one thing that often times gets overlooked is the value of your time in residency.

But beware of the downsides, such as strict rules, potential tenant problems, and dealing with the Housing Authority.

I tried not to get caught up in sticking to hard rules and look at the long game because that is my strategy.

(If the image doesn't display well, you can also find the chart here)I also made note of various helpful reviews (many from BP):LifeProof +s: "best overall," "easy to install, great value," LifeProof -s: "tabs break during install"TM Allure Ultra +s: "held up great"TM Allure Ultra -s: negative reviews on houzz, subfloor unevenness issuesSmartcore Ultra -s: negative reviews on houzzNuCore +s: "great over imperfect subfloor"NuCore -s: "shouldn't be used in wet rooms"DuraLax -s: weight limit and issues with area rugsMohawk SolidTech -s: lots of bad reviews on floorcriticsCoreTec +s: great product at great priceI ended up going with CoreTec ProPlus since I found it on sale for $2.50, and I'm actually not very happy with it! 

It's easy to get into a property where, the lender, the county who collects taxes & your insurance company are the only ones who are making money off your property.