It's important to understand the zoning/code requirements and obtain all necessary permitting if you intend on operating your real estate as STR anywhere in the country.

That’s okay—what’s important is understanding the "why" behind your investment decisions.While your accountant’s suggestion is a great starting point, make sure investing aligns with your own goals and situation—not just because someone else is enthusiastic about a particular strategy.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Anyone with the capabilities to do basic research knows and understands this. 

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

I don't recommend throwing the baby out with the bath water, and definitely make sure you understand the nature of the Mentor you choose.BP is a great resource to meet some amazing people. 

We're new to real estate and would appreciate advice on our current home in Texas and our future place in Oregon.We love our house in Austin and aren't ready to sell, but as a long-term rental, it would yield (from what I understand) negative cash flow, covering principal and interest but not taxes and insurance.

I’m struggling to understand why all of this is necessary just to use their property management software.

You really want someone that invests in their market themselves and understands the numbers.

The process can vary greatly so it's important to understand it and ensure it works for you.