My current income is around $60k a year with limited time off per year and 50 hour weeks.  

There are conventional loans with 5% down as well which when your value increases or 60 months pass the mortgage insurance can be dropped.Student loans even if deferred are part of your debt to income ratio but the income from the rents on 1 or 2 extra units can offset.

I'm currently a professional making around $400,000 (W2 income). 

😀What monthly income do you need to be financially free?

I can't figure out how it is possible to get income out of a rental property if it seems like the PITI alone is going to be more than the possible rental rates.

It has the highest rents on average in all of Ohio for major cities and the median income is not even in the top 3.

The mortgage for our primary residence is pretty significant and the rental income help us pay for it.What options should we consider? 

I'm talking about when you die, vesting in Living Trust allows stepped up basis to heirs based on the current value and you sell- this is about INCOME tax not property tax

If you're going to be carrying a mortgage in the future, and have the income and assets to make the mortgage work, a conventional loan may be more beneficial.

I may have a deal for you in Columbia, SC if you are interested in coming a little further South.