We are using the income from the rental to support our living expenses but some months we still need to put some expenses on credit cards which stresses me out.

You'd have to cover a good deal of avenues to be able to support that you lived there. 

He also has several vehicles and a boat.Honestly, I think they are using the money to support daily expenses.

I also understand they’ll have her pay 30%, and up to another 10% without hud’s support, but that’ll be the limit.

Think about it, you could use that money to buy Jr. a home free and clear and let him work and save his earned money 100% to do whatever he wants with, such as buy a new car (or support his family properly like a man).

There are a bunch in Rochester ny --a multi family one--landlord support,  all real estate investors--good stuff

You might have 8 months of collecting "profit" and then have one bad incident that demands all of that "profit" and drives you a couple thousand more into the red.On a property that's generating a healthy $500-$700+ profit a month, I'd either be driving it back into the property to fix any immediate cap ex threats or saving half for a future investment, and half for padding the emergency bank account

Health is only one.  

Account Closed thank you so much for the support!

Some more pros (or reiterating):Direct acces to ON MARKET propertiesNetwork with other Realtors and maybe get leads from themEarn the purchase/buy commission (not much for a distressed sale)With a supportive broker get discount on listing commissionCons...Have probably ~$2k annual feesProbably have to sit the front desk at the officeGo to office meetings / maybe have to “make money” for your brokerHave some startup costs for signage, etcTechnically need to declare yourself as Realtor all the time (could be a pro)Time taken away doing “realtor stuff” when you could have been focusing on your primary/niche profit activitiesThis being said, having a license may just be part of a career path.