Employment Growth Outpacing Housing SupplyBuffalo leads the nation in the ratio of new jobs to new homes permitted.

That does not require employment or job seasoning instead it uses the rents to qualify and you can take out up to 80% LTV cash.Use the cash to put down on the next 1-2 or more properties as long as the other properties are debt servicing themselves it opens up more opportuities to buy more future assets and increase your passice income.  

I've been self-employed for only 6 months, and loans are proving difficult to come by despite my great credit (not to brag, I'm moreso frustrated and seeking help).

Focus on neighborhoods near employers or schools, and explore slightly outside Austin for more affordable options. 

My son (age 24) however, is an independant contractor / self employed and is trying to buy a house. 

Most (not all) HELOCs require that the property is titled to an individual (not LLC) and are full doc, meaning your employment history, income, DTI etc will be factors.

Make sure to call the employers.

When parents employ their minor child, the child is exempt from Social Security and Medicare (aka FICA) - if under 18.

We will both keep our W2 employment for the near future just looking into getting an extra income or make our retirement easier.

Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.