Just make sure your LTR tenants keep their units nice, so your STR units' market well.  

Will this impact our ability to get competitive financing (we are both well qualified as individuals and even more so together)?

On top of that these markets have done very well in terms of appreciating in the last 5 year (See Memphis 50% increase, See Detroit 100% increase).

Well, well well...isn't that interesting...

I did the Brian Page program myself and I have to say it worked well and it was worth it.

Just make sure you know how your going to setup your take-out/permanent financing before you start this process as cashout refi's for conventional have seasoning requirements now and delayed financing has rules and timelines as well. 

If not you will have to cover the cost for both (unless you have a well). 

This is not too horrible when the "days on market" are in the single digits. but it will put a small GC out of business if the flip does not go well.

Property Manager assigned.Moving out of state, not willing to sell the property right now.In addition to renters insurance and landlord insurance, which direction should I go as far as protecting myself?

With your $50K in debt, use the cash flow (keep some aside for taxes) to pay down the debt as well as any other money you can (assuming it is a higher interest rate).