"Long Distance Real Estate Investing" by David Greene is a good options and will help with getting an idea of good markets all over the place, not just your own backyard. 

Sharing a kitchen probably isn't a big deal for a short term contractor.

Financial goals: Our current jobs provide for high-income but not a lot of time for active real-estate investing, so our strategy is long-term buy-and-hold with less headache properties.

You are better off getting a Principal and Interest loan since you would be in the low to mid 7s at that PPP term.

@Bob RooksJWB does have a good reputation, have been in business a long time, and are vertically integrated.  

They are long term rentals, not short term. 

However, how long is living with your parents too much of a burden/socially acceptable?

A short back story is a long term friend and co worker and I have been talking for a year about getting in to rentals (his parents own 12).

We decided on a % and they are stoked because they wanted in the long run this property to be a gameday house for football games etc.

Based on my research so far it seems the most easy to find CRE mortgages are short term (up to 10 years, though amortized 25-30), but I have also seen people repeatedly state that you CAN find longer term CRE loans.