What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

I'm in Cincinnati and the city allows STR.  

I would possibly start a small business in college and start building up some capital while focusing on graduating debt-free.

Most of my client-base own and operate within CA, though several have out of state filings / properties / and are operating businesses outside of real estate.As far as real estate laws, my expertise leans heavily towards income tax strategies, filings and assisting clients through highly complex transactions, not necessarily property tax law. 

We are/were hoping to put a $60-70k down payment on a higher-end 'A' new build property with Rent to Retirement as I really like their business model/community, rather than a smaller down payment on a refurbished property in a 'C' area.

On top of that, you already understand the LTR business.

It allows you to easily scale your business without having to switch bookkeeping/accounting softwares.

Lenders that are investor focused have recently expanded their guidelines to allow more flexible underwriting and financing terms for eligibility. 

This is a hands on business, and having family that you trust in the area is a big deal if you are that far away.

The US Department of Veterans Affairs (VA) on Tuesday issued a temporary fix that allow homebuyers and investors using VA loans to pay for their real estate agent's commission - i.e., the buyer-broker fee.