This process can be uncomfortable at times but can also be rewarding.

I don’t know why anyone would take that risk for little reward.

Different people expect a different combination of risk/reward.  

While you may not qualify, it's crucial to know what exists so you can have informed discussion with your accountant.

Sounds like you're asking for a private lender to go into second position to convert equity into cash behind an existing loan on these properties. 

I buy either by getting a reasonably large discount or by getting that and "simply" taking over the existing financing.

As a backup plan, if I have to go with a local PM company that only leases the entire home, could I use an addendum to add additional tenants to the existing lease while ensuring everything is legally structured?

STRs, including 2 of mine existed before AirBnB.  

I am not a bankruptcy expert, but isn't that procedure used to release people from existing debt but not monthly expenses.  

That's why these screening processes exist, if anything ever comes up like this and you get that red flag, and not everything aligns, if you're getting those red flags this early on, imagine what will happen when they are Planted into the home?