We recently started a Co-Hosting business and are managing for one other person.

So PLEASE don’t make another huge financial decision and then tell that same person after you do it.

What are the usual lending parameters for a person getting there first property with roughly a 700-730 Credit Score and trying to secure a home 200k or under? 

I've personally helped many OOS investors here and they've been very happy with returns. 

I personally do recommend Columbus Ohio for many reasons.

I'm currently working with an estate planning attorney and she said she said we could put the LLC in the Trust but said she was not the best person to advise on the pros and cons of that and that we should talk to a business law attorney.

I think this is a calculation a lot of homeowners are making right now--especially if they have a low interest mortgage, equity, and their house will cashflow as a rental.The choice is a personal one of course, but I think your future self will thank you if you pull out some equity from your existing home with a HELOC for the downpayment on the next house and a cushion renting your current home, use a property manager as you have other things to do, and buy the next house and do the same thing again.

First person I hired, I also had them write their own job procedures and so on.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

I personally would sell the house - it's negatively cash flowing ~100/month, if you were to add in repairs/maintenance, CapEx, vacancy, rising insurance/property tax costs I would think you're actually losing more than you estimate (luckily it's new so you are on the very low end of that right now).