Ultimately, go back to ARV, which in Baltimore it is block-to-block dependent.

I briefly looked in Bethlehem but ultimately decided on NJ because of its close proximity to NYC.

If you're attracted to the low down payment structure of FHA, your son could obtain a conventional loan, with as little as 3% down that would cost him less over the life of the loan (mortgage insurance premiums are generally less with conventional, and ultimately cancel once enough equity is obtained).Either way, if your son was in school prior to working this job, and the job is full-time salaried, a lender without overlays should be able to use his current income to qualify him.  

We initially planned to flip it but after doing some more research we are leaning towards keeping it and renting it out since that is our ultimate goal.

Do I still make the ultimate decision as to who will live in my unit?

BP has promoted a tax book by a Husband/Wife CPA team.

The Ultimate Beginner's Guide is a good place to start.

Also read up the "Ultimate Beginners Guide" to better understand the basic concepts and RE jargon.

I received another promotion and was going to be making 80k a year with overtime but I hated my job and the cold weather.

His ultimate goal would be to 1031 exchange this property for another investment property.