For a nice possibly furnished STR, you are looking at between $250,000 to $350,000 depending on your budget. 

It is a nice safe long-term spot if you're approaching it with a more long-term traditional real estate mindset.  

I personally invest in the North Dallas area (Prosper/Celina) where there is lots of growth in homes with nice lots.

How well are the leases written?

Both situations work nicely.

While that would be nice to build up a lot of money and save, however that would just push me back even further from starting my real estate future plans, careers, family, etc.

NIce intro and we can connect and I can send you some notes I have made on Real Estate Investing!!

It could be a nice opportunity however I would be certain they will want you to make up the difference between $250,000 and whatever is left on the mortgage which btw in my opinion should be done with lender's knowledge and approval. 

BiggerPockets just released a book written by a man named Pace Morby.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.