I was trying to avoid the double close since that's probably going to incur more fees plus the fact that I wouldn't have enough funds in the IRA to cover the first close. 

For a first multifamily, underwriting conservatively (in-place rents, realistic expenses) helps avoid surprises.MLS access is a big advantage, but I’d also talk with listing agents early and identify backups in case a deal falls through.

Even though the house is in your name, the money came from your parents’ HELOC, so it should be treated as a loan rather than a gift, ideally with a simple promissory note and reasonable interest to avoid IRS issues.

HELOCs add risk with variable rates—best avoided at your stage.Bottom line: keep the current home rented, buy a second income property, and maintain a 6–12 month expense reserve.

- Get most recent bank statement to cross-reference payroll deposits and avoid fraudulent paystubs & W-2s!

I don’t think this is so much about making the perfect choice as it is about avoiding a choice that boxes you in. 

Always ensure the guest or airbnb initiates the cancellation to avoid the penalty, and in this case you definitely deserve the booking revenue. 

Yes, you can avoid submitting income documentation, as a DSCR is an asset based loan.

Many landlords site cost savings for DIY management.Others are correct in stating, "no one will manage your property like you", which can be both good & bad.DIY Management Strengths- Immediate decision making- Monitoring EVERYTHING as only a few doors- Relatively easy on Class A rentals, progresively gets harder with CLass B, then C, then DWeaknesses- May not have time to consistently monitor what's important- May not have the expertise to avoid Fair Housing issues, professional tenants, etc.- May not have the systems to avoid major issuesPMC Strengths- Multiple admin staff to better handle workload- More expertise (if you hire right PMC)- Have the "density" to invest in systems to get rentals more marketing exposure, better vendor pricing, better tenant screening tools, better delinquency solutions, etc.Weaknesses- May not pay attention to same metrics as owner- Getting more & more difficult for one person to know everything about 100+ doors- Bigger companies=> more red tape and right hand not knowing what left hand doing

That keeps you legally protected if things escalate.This is a tricky spot, but sticking to the lease rules and proper notices will help you avoid complications if it goes to court.