(Approach - 2) - He says that if he is asked to pull permits, he is not responsible for any additional work that the inspector may throw (basically more money out of my pocket on the rehab costs).

We use Quickbooks Online and took a class with our CPA to learn the basics - Well worth it! 

Basically you go to the courthouse or pull the leads online depending on your county.

On a 90 day rental even 1/2 month takes a huge percentage of gross income, so basically you need to eliminate use of brokers, MLS, etc.  

Expensive but you get a piece of mind that anything will basically be covered.  

Basically, you should treat an MTR lease just like a LTR lease, with some small adjustments because you are providing utilities and furniture.Another side of your question ("anything important I should include when contracting with business?") 

The RE attorney I talked to basically said the same.

Basically, if you run it hands-on and spend significant time doing it - probably there is material participation and self-employment tax.As you can see, a generic yes/no answer is impossible for your question.

because that's basically what's happening with this strategy".

Diablo above Walnut Creek every thing goes out from there in Townships that are  6 miles X 6 miles squares then they bust them down from there into 640s 160s 80s etc.. basically north south lines and east west.