If I go though with it, I will be seeking professional tax advice beforehand, but just wanted to get a feel for what others with experience in this have to say.  

This should not be a problem, a professional property management will take single  properties. 

If you're a working professional and haven't seen the ugly side of greed , traps, lying, betrayal etc. in the business world, Think twice before you jump in.There's just too much risk investing out of state.

I have marketing information that demonstrates I'm a professional.

I have been interested in marketing rentals to medical professionals for awhile, but haven't done any deals like this yet. 

 Hey guys – you may want to look at waveapps.com  it’s a business software company that is free works great, they only charge if you seek professional advisers such as Pilar’s payroll people and others.

I don't find we get alot of students close to downtown however as its typically young professionals that are your typical renter.

They are reasonable, down to earth, organized, professional, very fair, best HML I've used to date. 

I dealt with Donna, Crystal & Amanda and all of them were professional and am so glad I proceeded with them as they obtained over $80,000 (plus I got an additional $27,000 on my own!!).

Pick an area you know well and have some peers that can look after it even if you decide to employ professional management.