I have liquidated a few investment properties I had in my own name so now I only have my primary residence in my name and then one investment property out-of-state in my LLC name. 

Unless you do a 1031 exchange and buy a property of equal or greater value within 2 months of closing on the sale of the primary residence.

There are other options for a primary residence with a first time home buyer other than FHA.

I had experienced that with my primary residence.

My logic is that if it was good enough to be in someone’s primary residence until they can't reside there any more, it's good enough for a refinery contractor to sleep on. 

I am in the military and have Florida state residency, but live in CA.

What I am really trying to get at is, how can I help my parents capitalize on this $500k of equity and also in return set up a property (residence/investment) for myself to have full rights to? 

I have purchased a few properties in my life and have sold just one of my personal residences, but am now selling for the first time a property I acquired through REI.

Your buddy appears to need a new property management company. 

I am refocusing on potentially investing in the Memphis area (where I reside) and would love to talk to other potential/current local and OOS investors.Any helpful contacts that you might have would be greatly appreciated!