One unit is a 2 bedroom + bonus loft space on the upstairs(larger unit) and the other is a main floor 1 bedroom unit with use of the whole basement.

I didn't include the house because it's a "added bonus" to me.

Bonus question - What is the lowest % down on a commercial loan?

Relying on your W2 automatically gives a huge bonus to small, single family type investments.

No $2500 charge to sign up for the auction - EVER. 2.

I completely second Tyler's opinion that, while property appreciation can be a great bonus of investing in STRs, banking on it is rather uncertain.

For the Syndicator here is what happened.. they were buying existing buildings with the idea of value add.. well being Texas at that time it was very easy for new construction to pop up virtually right next to you or close.. then you had the new construction offering move in bonus's and people just kept leaving their older buildings before they could get to value add.. and their vacancy rates shot up to unsustainable.. and they no longer could debt service and or broke lender covenants and the foreclosures started.  

Banks look at two main things when deciding to loan you money.1) Credit Score (You can sign up for a free site to look it up - I use credit karma)2) Debt to Income ratio.

I haven't been asked to pay anything or sign up for anything @Wayne Brooks. 

Bonus tip: If paying out of an LLC that is disregarded, which yours is as you stated it is a single member LLC, then you and your son don't need to pay FICA (payroll taxes).