This sounds like a great opportunity to do some tax planning with a CPA to determine what type of entity structuring meets your goals. 

And if I should get them out, what’s the exit plan?

Listening to Bigger Pockets podcastfired me back up and I started investing again in 2016. 

We plan on splitting our investments 50/50 and we both have very similar long term goals.

So, create status codes for both of these and a few in-between codes to help you work smarter, not harder.Which answers the “how” and is a very workable plan.

Your property management company will at least have the expenses of creating the company (I would strongly recommend creating an entity), bookkeeping, tax preparation and the 401k plan setup and management fees.

I just purchased my first investment property in Fletcher, NC (about 20 min outside Asheville) which I plan to use as a short term rental.

You'll need to plan to pay it off within ~10 years, too.

I suppose you could work out a plan with the tenants to do a more gradual increase of the rent rather than doing it all at once to be more income-friendly and to allow them to attempt to budget for the increase but you may also risk losing them anyway. 

It's an excellent place for both new and seasoned investors to gather, network, and delve deeper into specific investing topics or strategies.If you plan to use private or hard money, the barrier of entry is a bit tougher for new investors.