Because of Larson’s fixed Social Security income, he could not afford to pay the property taxes he owed, nor could he afford the cost of utilities in the home.    

You don't need W2 income, tax returns and no one is looking at DTI.

The person willing to run such a website for a reasonable fee, would have a large, steady source of income, and the lenders and borrowers would get what each of them wants. 

Credit score requirementJob/income requirementDescription of yourself and other tenantsTo maximize your reach and find potential tenants, utilize various platforms, including:FacebookCraigslistApartments.comZillowRoomsterRoommate.comResponding to InquiriesOnce you create an awesome listing you will start to get inquiries.

While appreciation is always a nice bonus, our primary objective is to build a portfolio that also yields reliable income over the long term.

Despite the property's substantial equity, the rising costs have put me in a challenging financial situation, as my monthly expenses now exceed the rental income.

I'm not sure if it's possible in my situation, because I know that you need to be self employed for at least 2 years to be able to get a loan, and I don't know if the lender will take into the consideration the money that I have earned before turning 18.

Great agents usually focus on listings and top producers make 7 figure income so yes the hourly rate is $500/hr and above for a rockstar.  

That's about 14% of your annual income, not 25%.Is it wise to self-manage?

Each of you are putting in half of the down payment, but I'd consider agreeing to a 60/40 split of the net income in favor of them.