PAY ATTENTION!!! 

Hi Joseph, You would need a 2 year seasoning period to qualify for a government loan (FHA) and a longer period for conventional unless you had a documented hardship situation, such as medical illness, etc where the loan can underwritten manually. 

I worry it may be more likely to attract unwanted attention than it would be to attract future guests.

This may attract unwanted attention though, I would make sure the property is well secured regardless. 

Not going to be a huge cash cow per bed, but with the amount of people moving here (looking for a quick cheap sublease till they find a place they really like), students, and temporary IT and medical workers I don't see myself having any problems filling the other two beds for at least $400/month.

I can see the advantages of completing your own legal work (familiarity with your business, more attention/time/care, and saving money) but also the disadvantages (spending too much of your time completing legal work, too close/emotionally connected to the business, and not being an expert with residential leases).  

Another thing to think about, Columbia has two major hospitals and some smaller medical facilities.

The plan is to maximize the space we have and rent as midterm rentals to medical and business professionals.

Think isolated towns that are still a hub for rural communities, have a decent medical base, a college or two or three or military nearby. 

I netted enough to make a decent profit AND my guests and I got personalized attention that is critical to STR success.