When I wanted to setup an LLC for my self-directed IRA for instance I used KKOS lawyers from the west coast because it's something they specialize in.I don't think you necessarily need to be local with those professionals unless you really want a face-to-face relationship. 90% of whatever you need will happen over phone or email anyway even if they're in town.

Second, the point of posting a property for rent is to receive inquiries, so if you are not in a position to promptly respond to them and show the home, you may consider hiring a professional management company to do this for you.

@Dave Foster apparently agrees with this point, and he is a professional exchange intermediary.Yes, there is some debate about that spousal issue, hence the 50% warning, but I don't believe their concern is valid.

Yes your plan is possible and there are other investors/professionals up here marketing as well. 

And I am dealing with educated professionals in the 250K range for annual income.

HOA fee - If HOA fees are not paid, business will incur fines, so it is necessary to make the profit in the business.8) Marketing expense and advertising9) Cleaning and maintenance10)Commission (Expenses like commission, abstract fees, recording fees to obtain your mortgage are not deductible but rather capitalized )11) Insurance12)Legal and other professional fees(Tax preparation for business, not personal part)13)Management fee if applicable14) Points- you generally cannot deduct the full amount the first year but have to deduct them over the term of the loan.15) Repairs (Note always do repairs rather than improvements to rental because repairs are deductible right away and do not have to depreciate over few years as done for improvements.

In your particular case, you have not outline what your professional background is like.

Even more so when your professional is not a specialist in your industry.There're some 20 tax professionals on this board, all real estate experts, and we continue to learn from each other.

First of all, I’m not a lawyer or a tax professional so you should really check with them.

You did not include anything for CapEx (5% to 10%) depending on the current condition and life expectancy of all major components and appliances.