I have been attracted to this area of MI since I started exploring real estate and it seemed to provide an opportunity for us to get in the game with out of state rentals without spending a ton of coin.

Of course, it has more than likely had a positive physical impact.  

@Ahmad Moore Based on the info you provided, a CPA who specializes in real estate would get you the most bang for your buck. 

The funds that provide best returns typically have lower overhead costs.

Selling @ $500kLender providing $490kCan the remaining $10k be carried by seller?

@Melanie Hernandez two questions to ask are: can you effectively and profitably run a STR business giving your guests a wonderful experience and can you provide value to and mitigate risk for your property owner?

Lead Generation & Marketing: Do sponsors provide qualified leads or expect you to generate your own? 

I also like to make it a condition that the seller deliver a couple of days before closing an Estoppel Certificate from the tenant where the tenant confirms:  (a) true and accurate copy of the lease and all amendments thereto; (b) address/unit they are occupying; (c) statement that Landlord is not in default under the Lease: (d) statement that Tenant is not in default under the Lease; and (e) statement of monthly rent and remaining term.This protects the buyer in the event there has been a subsequent written or verbal amendment of the lease (that the seller does not disclose) and prevents the tenant from making statements to the buyer/new landlord that are different from the terms of the lease that was provided to the buyer from the seller.Vivian

They can provide personalized advice and guidance tailored to your specific situation.

If possible, I may have the service provider sign-it as a "just in case".By the way, it was my CPA that provided both ideas to me :)