I will also be tracking expenses related to repairs, maintenance, travel to and from NV, hotel stays, meals, gas, and other regular business costs.In the long term, I aim to purchase additional properties under the business name, but I understand I need to establish at least two years of income and credit history before doing so.The issue I’m encountering is that my accountant has not provided any guidance on how to structure this scenario.

Quote from @Zachary Deal: A lot of investors utilize the BRRRR strategy in those markets as there is relatively high rents compared to the value of the properties!  

Neither outcome is good for you.I give some approximations of each expense category in The Hands-Off Investor, but the best way to nail down operating costs is to look at the property's historical performance.For example, Contract Services and Utilities. 

Service would change, though, as the successful experiences of early-adopter customers would demonstrate the utility and superiority of NewCo.

If you can live for free and only pay utilities AND buy an investment property, that would be ideal in terms of savings and cash flow.If you can't stay and your parents want to make some money on that property, then yes, house hacking would be your best option especially since you don't want the best place in the multi.

Separately metered with tenants paying all utilities.

If not, you will have to utilize hard money which will drastically increase holding costs.

They can take care of a lot of the monotonous tasks, and even do things like send leases, screen tenants, add rent charges, pay utility bills, the list goes on. 

I'm going to utilize this intel.

And therefore competition among tenants can create significant challenges, like...Businesses may struggle to establish a unique presence and loyal customer base, and a lack of profitability due to nearby competition will likely lead to higher tenant turnover.