It is truly devastating, and I know so many amazing hosts/properties in that area.

Will they be depreciated over 27.5 years or as personal property on a shorter schedule? 

Holding the property could require subsidizing rent, making it risky.

I highly recommend reading the BP books for self-education and house hacking a 2-4 unit property for your first deal.

As a first-time property owner, you should focus on strategies like BRRRR and house hacking.

This was a property in an area my family loves to vacation in because of family ties to the area.

Currently, I am in the phase where I am doing minor fixes to the property and plan to begin looking into property managers.

I put that in quotes because the property I am looking at is zoned as a commercial building with a gutted upstairs apartment.I'd like to purchase the property with a renovation loan, something like FHA 203k or Fannie Mae Homestyle. 

20% is the going rate on average for a STR property manager.

BRRRR is a low-cost real estate investing strategy that involves buying a distressed property, fixing it up, renting it out, and refinancing to pull out equity.