Those people overlooking what it means to “materially participate”Here’s the Material Participation Criteria:Spend more than 500 hours on the short-term rental businessDo substantially everything for the STR businessSpend more than 100 hours on the activity and no one other individual spends more time than you doSignificant participation activity for more than 100 hours, and your combined activity in all significant participation activities exceeds 500 hoursParticipating in the business for five of the 10 previous taxable yearsPersonal service activity (non income-producing) for three of the previous taxable yearsRegular, continuous, provable participation in the business for more than 100 hoursA Cautionary Tale: The Story of JacksonLet's take a moment to learn from the mistakes of others.

I forgot to mention, it's meant to be turnkey so they manage it, and their split is 10% of gross income before all costs and debt service etc. 

Borrowing: If you have an investment or business that makes more money than the interest rate costs you on the debt, it might make sense to get a loan to multiply your returns.

DSCR stands for Debt Service Coverage Ratio, which is a calculation that determines if a loan's income covers its annual debt service. 

However, most banks have seasoning periods now so you probably wouldn't be able to actually tap into that equity for at least a year since your original loan was likely just to build.These equity plays are a different strategy, but combined with usual appreciation, can also work, especially in some markets more than others.

The mineral rights don't bother me as much as them being combined with the surface rights.

You'd be borrowing a slightly higher amount but your monthly debt service could drop by a few $100s. i.e.

To be fair however, I'm looking for permanent debt on a mobile home park I own in which the trailers are also included in what I own.

So if someone tells you, it does not matter about liens behind you - it does.There’s one more ; the borrower has increased debt service and when it either turns negative or leaves nothing “in their pocket” they may lose interest in the property, decide to stop paying all mortgages, and put whatever income they can into their pocket until they lose the property to foreclosure or one of the lenders obtains a court order prohibiting such.   

With your income and plan to pay off student debt, you’re in a strong position.