That means not just having physically been there so I know the in-person vibe, but everything I can possibly know about the general area, the demographics, the rents, the history of an area going back several years, any planned development or investment in the area, etc. 

Sure, just rented to a homeless guy last week and the first payment won't be made and google earth will not help you here, you have to know what sold in the last 6 months and physically drive the property yourself. 

Having access to the financials, documentation, and physical inspection will help you make a sound business decision as to proceed, or move on.

https://www.biggerpockets.com/store/flipping-physical

The down payment and rehab budget would come out of my home equity line of credit and I would get a new mortgage on the rest.My father will do all the rehab and manage the property, physically.

If it’s a bad operator or the property has physical deficiencies that’s one thing.

It's my understanding that an attorney or decent PM can have the tenant physically removed within 30 - 45 days in Texas.There are multiple points of failure:1.

You'll need to change the use from residential to hotel, which will require a lengthy process that includes physical upgrades and changes to the building.Basically the City wants the property to conform to safety standards for that particular commercial use.

If so, whenever the landlord has to use a physical address, how will the address be listed if tenant is on 1st floor and the basement isn't an apartment?

The CT Marshal now has to physically remove them from the building.