I would explore refinancing out of the FHA loan and then doing it again on the next one.  

The parents owned them and now the kids have the say over them but they have a management company that watches over them.

Hi all,New to the site and been looking through and exploring lately. 

@Samantha FergusonSimilar to what Ryan is saying, we have been exploring the idea of adding private investors (i.e. 1031 exchangers) to our expanding assisted living operation.

Wait until they have an agent bring through a first-time home buyer with four kids under age 8, grandma and grandpa to share advice, and cousin Eddy the contractor who's going to climb around the attic, bang on pipes, and ask 100 questions.

Let me give you 2 scenarios to help make my point.Scenario 1 - Investor A has a few properties, lots of stocks, lots of liquid capital, decent retirement, high income earner, single, no kids.   

The let the kids smash the Tonka trucks into them over and over. 

A stable female single mom, 6 years of renting, never late, always clean, gets with a 'fun' guy, good job, accepts her kid.  

The property does happen to be on close to an acre of land however so potentially adding more units is a possibility I could explore.

Our biggest motivation is to be able to spend more time with our kids and to stop spending so much time commuting every day.