And a deal in my opinion is one that will 1. pay for itself(All property expenses) and 2. pay the debt service(if necessary) and 3. put money into my pocket each month.  

It’s not necessary to stay local for these services as long as you have online bank statements or a solid way to get them to the bookkeeper.

For instance, and in brief only using one concept (not meant to be the full list of criteria), a rural property has a population restrictions and proximity to Metropolitan Service Areas ("MSA" - think big city area) as some restrictions.

I service the entire state of Oklahoma, but I'm based in Tulsa.

I don't service in NKY but I have heard good things.

We use the collection service through our PM software, but most of these folks become virtually uncollectable at a certain point. 

It is very simple and cheaper to set up the LLC in NJ vs NY ($50 vs $200 when going on the state website) what is still an open question is I also need an operating agreement for the LLC once set up, wondering if that is also free as part of just getting the LLC set up on the state website or if I need to use a lawyer or a legalzoom type of service to do that.

I also wonder if this unconventional STR would pass the criteria for the STR test for tax purposes.

I gave it the Nickproof tug and it passed the test.

There is usually extra charges on closing to pay for that service… but it is minimal.All the best!