I work a W-2 day job and have my own electrical business.

This business is a scam run by liars and thieves.

I own the property free and clear and i use the equity as part of my business line of credit.

Square footage is roughly 1600 sqft.Could use minor cosmetic rehab on the outside to make it look pretty, inside is brand new however. 

Same principles apply - being busy will create opportunity. 

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

STR is a hospitality business first, and a for-profit business second (if you want to succeed).

Years in business?

Quote from @Andrew Thomas: Quote from @Caleb Brown: I would focus on being an agent first and building that business.

Even as a broker there are many sleazy Account Executives that try to win my business with terms or extra compensation.