I don't think my tax advisor is claiming depreciation for two rental properties and I'm looking for some help from the BP community. 

As students you most likely won't have much prior job experience which makes it hard to qualify and get approved.

This type of financing will typically look very different and more like a traditional commercial real estate loan.That means a DSCR calculated based on a full NOI and expense load (so inclusive of vacancy loss estimates, credit loss estimates, repairs and maintenance, utilities, management fees and more – in addition to the property taxes and insurance expense that are the only expenses factored in on traditional residential style DSCR loan financing).Additionally, the DSCR minimums are generally going to be higher (typically up to 1.25x), the loan to value ratios lower (higher down payments) and underwrite more sophisticated (which makes sense considering the size and scope of the property).Many multifamily investors for properties of this size (such as more than 11 units) can syndicate capital and have more sophisticated financial and entity structures – its definitely a different world once you get up here in unit count.In Conclusion – when you are looking to invest in multifamily real estate and finance your investment – make sure you have the unit count in mind before you start shopping – the unit range can have a huge effect on your options.

I'm checking to see if we're able to get a loan on a manufactured home, but generally I would look to get into a syndication (tax advantages, etc.) or private capital fund (10-15%) which is where I'm seeing we may be leaving quite a bit on the table.

Infact, I would have to show tax returns on LLC for two years before I can include it in pre-approval. 

In the past, RentingFamilyMember has filed Schedule E and apportioned expenses by rental percentage, including mortgage interest and real estate taxes between Schedule E and Schedule A.

Sellers motivation shouldn't factor in what you can afford, thats a bonus if they will negotiate, but your numbers have to make sense to you and work out for multiple exit strategies (str, ltr, sell etc)Running the purchase numbers is pretty straightforward, use almost any online mortgage calculator, make sure you know taxes and insurance (taxes will go up a bit if it is currently owner occupied and you don't plan to live in it) Once you know your mortgage amount then start looking at other STR's in the same area and same size/amenities and see what they are getting per night and how many nights a month they are rented to calculate what you MAY be able to get.

I live in Spring TXfor reference my mortgage, taxes, and insurance are $1840 each month, $385 per year in HOA fees 

Since you have a good W2, why have the cash flow to report income and pay more taxes on?

I am thinking Austin TX might be a good place to start due to the state's tax incentives and the recent decline in prices.