And as mentioned above, if the lender you are speaking with doesn't know what that is...then you need to go to a different lender.  

The city determines whether your investment can meet the three requirements mentioned above.

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

You mentioned that you are not a W-2, but that is not the only status of income producing individuals. 

This often leads to confusion because the term "trade or business" is mentioned, leading some to mistakenly believe that the entire business can be exchanged.

Scott - I'm in the same boat -- looking for STRs in the area you mention, as well as closer to Asheville (where I live). 

Not to mention, you're adding an appreciating asset to your portfolio. 

@Kyia Raiford, I concur with the advice mentioned above.

Also not mentioned but worth noting.

The other thing that concerns me is you mention that you are both high income earners but that you are “trying” to save an emergency fund.