You are way way ahead of 99% of the population, and well on your way to setting yourself up nicely for financial security/independence. 

Things have changed with my family and I now have the time I need to become financially  independent and take care of retirement before it hits me in the face. 

@Chris RossPlease do an inspection of the turnkey property via an independent inspector as soon as you open escrow.

I almost typed "independently" but there is a nuance stopping me from that, the very issue we're discussing.If the two of you do not have other STRs, as seems to be the case, you only have this one STR to draw the required hours from. 3 material participation tests to try:1.

You want independent contractors, paid by the job, not by the hour. 

You can learn to do this independently or get a rockstar REALTOR to lead the way.

The risk is high that they will be recategorized by the IRS upon audit or examination, which means that you've overcontributed to a retirement plan. 

Is your "insurance guy" a captive agent (one company) or independent (able to shop around)?

Education and research hours, "managing the property manager" all have failed under audit historically.There is a lot more nuance here I could go into, but I would strongly advice you talk with a real estate-focused tax professional.

Seller paid for 2nd independent appraisal, where appraiser massaged valuation into $305K.