The two years consisted of negotiations with the land-owners, site tests, city planner meetings, city commission meetings, etc.

Did your son roll his eyes?

Less theft vandalism shootings etc . and getting those paid off in 7 years is the way to go.. you get them paid off then you can hire a full time GM to take over your roll of owner enforcer.. 

My point is sewer, fire sprinkler tests, parking lot, sidewalks, etc.  

If you don't see evidence of mold but the tenant insists, offer to hire a mold specialist to test the home.

Give it a test drive and you'll know what's comfortable for you. 

Your pitch doesn’t pass the smell test.  

Before you buy, make sure to get the latest rent roll (a breakdown of what tenants are actually paying in rent), the tenant ledger (which shows their payment history—whether they’re paying on time or carrying a balance), and of course, a copy of each lease agreement.Too many investors rely on what the seller says, which often doesn’t match up with what the tenants are doing.

Basic services like garbage collection don’t qualify.Material participation: Owners must pass one of the seven material participation tests, such as:You spend more than 500 hours working in your short-term rental business.You carry out all the necessary tasks to run the business yourself.You work more than 100 hours in the business, and no one else contributes more time than you do (this is often considered the best and easiest test to meet).

At least you have an asset and can start building the cash to buy a STR for yourself and then roll on.