A lot more detail is required for an accurate assessment.

Buying an income property requires far more skills and services than buying a home.

@Tom Server most states only require a separate account for ALL security deposits one holds.Of course, this is NOT legal advice and check with a competent attorney.

The rest of my tax/income situation is very basic.

For holding security deposits the state requires that you use a bank located in the state of FL.

Your math is off, it's much more complicated then that, but the idea described by @Dave Foster can basically accomplish what you want.

STRs require a lot more cash up front so you just want to make sure you have a good idea of what you're getting into first :) I own STRs and love it but I also wish I had learned a little more about the analysis and management prior to going live - I did some of that on the back end and could have been successful faster.Another idea is to talk with some owners 1:1 to see what advice they would have for someone starting out.

For a cash out most DSCR programs are going to require that the property has not been on the market for the last 6 months, but there are a couple who will allow after the property has been pulled from the market but will likely have a pre-payment penalty. 

We even spoke with local realtors and would appreciate basic or general advice on what we can do.

Hi guys, It's my first STR, located in Beaufort, SC and they require a Rental Agreement for the guests.