However, we will likely need a property manager to assist with some facets of running this rental (since we would not live locally) and would primarily market it through platforms such as Airbnb and VRBO to start, (eventually setting up a direct booking process).Here's our question for those who have experience in STR's or who might be involved in a similar scenario: How challenging is it to meet the material participation hours needed to achieve active status?

Just work the platform.

Personally I use RentRedi (free with BP Pro) for management and Zillow for applications and screening.

Use the top three or four discriminators so applicants can screen themselves.Then you need to have clear screening criteria yourself.

.: I have an applicant who's going through a rental screening process A.T.M.

However, I haven't had a single application submitted for over two weeks.

This is straight from the CFPB website: "Additionally, for 60 days from the date your loan servicing transfers, your new servicer cannot charge you a late fee or treat the payment as late if you sent it to your previous servicer on time or within the applicable grace period."

@Chantelle LewisRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

Based on how I am reading your summary it sounds like there is solid equity in the 2-family in order for a bank to cross-collaterize assets. 

One other thing that I am constantly seeing is the set it and forget it on 3rd party platforms.