If there is no designation I would use an X as you stated.

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

Of course, there's no perfect right or wrong answer, it will be different for all but make sure you do what is comfortable for you and what fits your goals. 

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

Covering this with my salary is relatively comfortable.  

Company is called Comfort Capital.

In this option your agent would either get paid from you directly in your closing costs OR from the seller via seller concessions.like Russell said, if you are comfortable with the transaction and understand what you are signing and you don't need things explained and you have connections with inspections and title companies then go for it.

Off market deals usually have nonrefundable deposits and a clunkier process that isn't as suited for out of state people until they have good contacts in the area to evaluate the property (mostly contractors that feel comfortable evaluating projects for you).

The most popular STR listings in my area have excellent interior design.  

If you and your wife are on the same page, I say absolutely go for it.Don't worry about the naysayers telling you to invest out of state if that's not something you're comfortable with right now.