Very helpful and I will definitely reach out to a professional to ensure everything in the correct order. 

What phone apps or software help you manage your Airbnb/VRBO more efficiently?

Assuming that your agent is good, it'll also ensure that your rent is inline with market, tenants are vetted as best as possible, and leases are done on the up and up. 

What are some of the strategies that out of state investors use (particularly in DFW area) to ensure that we are picking up great deals in neighborhoods where rentability will be high for years to come?

I understand each coop has its own rules so it could be possible to rent your coop unit but how can I filter my search to ensure I can use a coop as an investment property?

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.This article goes into a lot of the considerations about whether to form an LLC or not: https://www.mmpph.com/wp-content/uploads/2019/04/May-2019-newsletter.pdfCreating an LLC in California would cost you a minimum tax of $800 every year.

Adding more closet space ideas and ensuring a large enough bathroom are key.

While we are very early in the process of investing in real estate I wanted to get some insight on the proper way to vet a contractor to ensure we dont get burned in the process.

My wife and I own property in Lakewood and have had good luck finding well-qualified tenants. 2) Websites like Zillow and even Craigslist can be good sources for finding tenants, but if you choose to self-manage, you'll need to ensure you have a good system for screening tenants and following fairhousing. 

Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.Don't buy in the roughest neighborhood in the urban core.