You can change the exit cap rate in the basic assumptions tab cell H67 and see the effect on the IRR and EM in the Equity Waterfall (GP) tab cells V51 and V53.

Basically, the consensus is that you just need to fill out an additional CA tax form every year once you go out of state, and that can be done by your accountant. 

(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).

I think you're missing some very basic education on real estate.Miami Beach is expensive.

@Drew Sygit  has a very nice description that will hold for basically all markets.. maybe he will see this and post his  ABCD model..

Here are some popular skiptracing platforms and websites that investors often use:TLOxp: This is a service by TransUnion and offers a comprehensive database to find detailed personal records.Spokeo: Useful for basic information and sometimes provides email addresses and phone numbers.Whitepages Pro (now Ekata): Offers identity verification data, including phone numbers, addresses, and more.BeenVerified: This service aggregates information from various sources, giving you phone numbers, email addresses, and other details.PeopleFinders: Similar to BeenVerified, it pulls from various sources and provides detailed reports on individuals.BatchSkipTracing: Designed specifically for real estate professionals.

If you have a basic understanding of Excel and can use Yelp to find honest workers, you can manage 5-10 units by yourself in a couple of hours per month. 

Basically the outskirts of main cities.

You'll definitely want to prepare a "Schedule of Experience", which is basically a spreadsheet showing the deals you've done over the last 36 months or so.

So my immediate plan was to try to rent this house as a medium-term, furnished rental (basically leaving all my stuff here, taking a few select things) and moving in with her for a few months to kill a few birds with one stone - MTR income, not having to pay for a storage unit for my stuff, saving up more money for a down payment, and caring for my mother.