The showings with the tenant went well and they didn't have any questions during the showing.

So I think I messed up when establishing this LLC and chose for it to be treated as a partnership.

I realize we’d probably want to bring in a real estate attorney, but I’m assuming there are models in place that are probably well-established for such a partnership that I know nothing about.

@Travis TimmonsI had the same reaction as you did, but I held off on posting since I don't yet invest in STRs (I'm all LTR so far, and looking into my first MTR).Buying an STR "to offset income" makes me nervous as well...

Well....

As well as studied some of the great bankers like the medici, Jakob fugger, august Belmont, moses taylor, the warburgs, Hjamler Schacht, Montague norman, so on and so forth.......

Interesting part applicant 2 works for a well known company as installation engineer for 15 years.

So to clarify, you CANNOT live in a DSCR property as DSCR is business purpose only and that is not allowed.  5-10 units can also qualify for 30 year fixed DSCR loans as well. 

As an investor you need to understand the assumptions behind the numbers, as well as terminology.  

I have a mentor i've been shadowing for about a year now as well.