The target demographic for MTRs is traveling nurses.

It's a former adult care home, so the layout is shared bathrooms, and this would allow me to not have to change the plumbing layout while offering a competitive price-point and unique experience to travelers.

As Kevin points out, traveling nurses make good money, and their employer pays for their housing.

Traveling Mailbox is a great value. 

I highly recommend you travel to the market yourself and spend a couple days driving around, looking at various properties, if you are going to be buying anywhere.  

I will also be tracking expenses related to repairs, maintenance, travel to and from NV, hotel stays, meals, gas, and other regular business costs.In the long term, I aim to purchase additional properties under the business name, but I understand I need to establish at least two years of income and credit history before doing so.The issue I’m encountering is that my accountant has not provided any guidance on how to structure this scenario.

There are inconveniences to investing out of state like traveling to see properties, meeting with contractors, checking work, checking the property condition.

It is not, it has limited application, and for travel expenses it does not apply at all.If you do not have a mileage log, you have to do your best good faith estimate and then pray that you're not audited.

I myself have a 1/1 apartment on Davis Islands near the hospital that I'm considering renting to traveling nurses.The problem with rental arbitrage is that you need leverage as the renter to negotiate assignable lease terms with your landlord.

I will reach out when I come back from traveling and start looking at the area.