Quote from @Brandon Croucier: Financing a commercial MF that runs as an STR is possible.Appraising a property based on the income is not, whos to say a buyer would STR the property. 

Income from leveraged real estate or active business income.

You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2. 

Could you go reinvest it in another property to build even more income?

i wish i had better news for you but it's probably not feasible in the short term to replace your W2 income with rental income. 

I would suggest getting another full-time job for the time being and investing/doing STR on the side until you can fully and comfortably replace the income that you would be receiving from your job.Is your LTR in need of repair?

Last thought (mainly for future readers), you may be talking about the 1 year FHA history if you have variable income.

Gross income right now is 2700.

Income Snowball, a system of investing in which a person can create self-sustaining passive income).

I am in the Tampa Florida area and we in dire need of more LTRs for incoming residents.