For example, a $200,000 property might require $2,000–$4,000 per year.

Not many people dig too deep on the actual requirements so kudos to you.

Some documents require “wet” signatures… meaning hand signed.  

The standard rule is $250k per person who legally owns/occupies for the 2/5 year requirement. 

The underwriting process is certainly more arduous than most acquisitions but through my personal experiences some of the lenders are far more knowledgeable about the requirements and make for a far easier process for both seller and buyer.

Most of the PM work is done on the first 3 months of the management, then we can recoup our expenses. 2. this Is legally required.

They aren't required to belong. 

I ended up taking a different path.Also keep in mind some brokerages will require you to pick one or the other.  

PM fees are high, exactly because so much work is required in managing STR.  

One of my buy box requirements is the house needs to cashflow at least $500 per month or I am not buying it.