A local couple who’se combined income is 300K and who sponsored the family’s immigration to US is willing to be co-signers for the family of 5.I am thinking that Party2 will put more miles on the house and may be harder to deal with in case of any complaints or eviction, though I am not an experienced landlord so I am not sure what are the factors to evaluate or what all can go wrong?

When I had my B&Bs we also included local restaurants and attractions in the packet of information which you might want for a STR.

@Hiren Patani Ask a local eviction attorney in your area for a referral!

While finding a local CPA is important, consider the option of working with remote professionals who specialize in real estate and small business taxes.

I agree local banks and credit unions will be better if you're planning on growing your portfolio. 

Having watched many prior co-workers get paid, cash their check at the casino, and promptly deposit it all into a slot machine I can tell you with pretty good certainty that casinos don't have a positive effect on disposable income and good use of the existing income in the area surrounding :)Are there solid local employers OTHER than the casino in a 15-minute drive? 

Personally, I’ve been looking for ways to align creativity with the numbers, whether that’s finding undervalued properties, building relationships with local agents, or pivoting to new strategies.

As noted earlier, most evictions are rinse and repeat, and even if you need to find local attorneys to sign off on paperwork, it's likely less expensive if the paperwork is prepped ahead of time.Just a thought.

In my opinion, the best "first step" is to find a local REIA to attend. 

Going to local RE meetups can be a great way to make these connections!