My preliminary research indicates that this might be possible (without committing fraud!)

Additionally, I have a "Notice to Vacate" section in my non-standard rental provisions indicating that tenant and landlord must provide a 2 full calendar month notice to vacate. 

Depending on the situation of the seller, you may have to come up with a down payment to cover the sellers earned equity, but many homes have dropped in value since mid 2022 and sellers are being left with very minimal equity depending on how much they put down when they purchased. 

Fresh out of college, we moved to Dallas, TX to take on entry level jobs making very minimal amounts of money.

As indicated, I believe it is misinterpretation of the 15 year exemption, but unfortunately I suspect there is not going to be anything you can do about if jurisdiction maintains their interpretation (I know it sucks).

I've noticed vacation rental signs here in Newport Beach where I surf, indicating that short-term rentals are allowed.

The relative cost of homeowners insurance is the best indication of a high-risk location.

If you indicate the bed/ bath count I can help a little more with rents. 

“Lately” he bought a local restaurant seems to indicate a recent purchase, as such we can’t judge if absentee ownership will be successful - or not. 

To sum it all up: your top priority is to serve your interests and earn profit, therefore you should do everything you can to minimize risks and maximize profits.