However, if the beneficial owner does not update thier FincenID the entity is the one at risk of being fined, not the errant FincenID holder.

Everything would be in your name and he would be at risk possibly even with a legal agreement.  

Your NOI, revenue, location, risk for the business, assets (land and infrastructure mainly), equipment (yurts would be considered business equipment), and more all play a factor.

If a variance is needed, they're estimating 3-6 months, up to a year potentially. 

That includes going to the bank and getting a cashiers check.Pay them at the bank, get deed notarized there, then take it to Register of Deeds and file deed.I have done this a half dozen times to keep from missing out on a great deal.For what I'm paying any risk is negligible.  

Less risks of significant cash outlays and/or collections defaults.

@Brock Bernall As a rookie House hacking is the best for getting started has the lowest risk and best profit for a low down payment option.

Also, if I do need to request it, is there a risk that it would get rejected for reasons other than the place being unfit for it?

In the end it is about your risk tolerance. 

One of my recent failures was underestimating the importance of clarity in conversations with potential investors.