There's a lot to learn.  

I suggested he could occupy the 1/1 for a month or two while he established a team and ran the 3/2, then move out and offer both as STR either together or separate.   

Definitely makes sense given it’s one property where we’re living in as well.We don’t have a lease yet or anything established (not planning on renting out until late 2021).

They will value the property, but it's a lot to ask someone to give you X amount of money without any record to prove you will be good for it.

An area where young people are leaving, not moving to, is generally not a good sign, for example.It sounds like you have to do some more research and establish what your criteria should be for investing in a market that serves your needs and meets your financial objectives.

We split the profit (60k after all expenses).My advice:-Make sure to establish an LLC or Corp-Get everything in writing (joint venture agreement).

@Sulaiman Shah : You said that you had new credit - do you mean that you just began establishing credit?

And the things I am learning don't have a lot to do with real estate.

Helotes is more established with continued growth, whereas the area around Laurel Mountain is still pretty fresh and under development. 

It is not uncommon in a double lot situation for the additional lot to have been handled in a separate transaction that may or not be mortgaged.