As Bruce mentioned, simply open a bank account specifically for the rental property and run everything through there. 

After being occupied a year even with a good tenant it is not in the same move-in condition as a unit that is on the rental market.  

I've been studying videos and personally gone through these nightmare pop-up expenses via my rental properties so it's been actually helpful in my journey trying to find my own home to live in.

I am wanting to start investing in STR acquiring or developing the real estate. I think Bend is a top place for STR as there is multi-seasonal demand and is a city with a lot of growth. Problem here is, apart from the...

I would like to rent it out to traveling nurses or corporate rentals since there is a very large Navy Base there and also 2 hospitals.

These would be my first rentals. 

Realistically, if rents can't keep up with costs over the longer term, fewer people will buy rentals and there will be fewer options for those who can't afford to or choose not to own a home.

W2 income, rental income, small 1099 income. 

Also - presuming you paid more for the property than was owed on the mortgage due to competition on the auction (several presumptions there) - the previous owners are entitled to those excess funds from the court - which gives them a resource to be able to afford our rental rates. 

The listing broker is going to try and sell you on paying a price that makes sense given the projected or proforma rental income, a dynamic that is the equivalent of how the listing agent on a SFR might try to sell you on paying a price that bakes in future/anticipated appreciation, or "look at this home's potential!"