In the meantime we are talking to the property manager to find other STR's in the area so we can support a fair market STR rent. 

It depends. all you talked about was the property but financing is more about the borrower, their experience, their credit, the cash available etc.

And then shut up until they talk.

Now, youre under the gun on a refi needed to finance another purchase and the loan you were counting on isnt - and never was - available to you because of an error that wasnt caught due to a lack on internal quality control.

Last thought (mainly for future readers), you may be talking about the 1 year FHA history if you have variable income.

The more time you spend talking about other options and try to build up the negatives, the less time you are spending on what you fell are the positives of your own idea.If you believe that you are onto a great idea using L2P option contracts and forming partnerships where someone else provides 100% of the money while you provide 100% of the real estate-related functions, then start it up and make it work.  

Dave Meyer and Henry Washington talked about their strategies for buying multiple properties on yesterday's episode of the BiggerPockets Real Estate Podcast: How to Buy Multiple Rental Properties a Year (Is It Possible?). 

You are talking about analyzing deals on a spreadsheet only since you want to look out of state.

Maybe you can talk them in to seller financing with a big downpayment?

The members here on BP that talk about STR auto-run systems didn't install those systems and find dependable cleaners & handymen overnight.