Most lenders I've worked with will use the lesser of the current rents or market rents reported by the appraiser when calculating your debt service coverage ratio. 

Unless there is a reason to submit your tax returns, you could go w2-only. 

Especially if your son could then try to sell his primwry with the ADU under the sec 121 tax exemption I wonder if he could sell you the land?

Also, cash flow from the rental needs to cover your mortgage, insurance, and taxes.

Rather than getting a wholesale fee or commission, the student got his name on the deal with no debt.

For example, in my state PA there is an inheritance tax and many TAX auction properties originate from people passing away and the heir(s) not taking control over the estate and paying those property taxes.

Leverage: Use leverage wisely to acquire more properties while maintaining a healthy debt-to-equity ratio.3.

Everytime you get close to depreciation running out (or want more) you 1031, expand your holdings, and your tax write off. 

Quote from @Joshua Alcantara: Quote from @Peter Walther: I've found many properties with title issues wind up with unpaid property taxes so checking on delinquent taxes, tax deed sales and lands available for taxes might help you identify some.Thanks, Peter, for the info!

We also need municipalities look at tax incentives for builders.