Sounds to be like you are seeking retirement advice on a platform that mostly advocates for long term wealth.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Level 3 is $20m in real estate so I can retire with a 5% return for $1m a year.

I'd been working and saving for many years, however, did not feel it was enough.

Instead of wasting 20 hours a week on your phone or TV, work a part-time job to accelerate paying down the debt and saving. 

I do see how the knowledge could likely save me the equivalent in mistakes but none of us have a crystal ball.

@Nate MarroquinAny side hustles you can do to get income and savings up? 

As others have said, the best thing your son can do is run far from this deal, buckle down, save his pennies (he probably already is doing this), house-hack, and improve a property with sweat, hard work, developing a DIY skillset, and self-managing tenants. 

If it wasn't for me having enough savings, I don't think I would be where I am at today.

If you read all of this I'd really appreciate some candid feedback.I live in Snohomish County, I'm a Navy Veteran, have a stable W-2 making about 80K/yr after taxes, and have a modest amount in savings.