I would leave hotel motel renting to full time property managers with working business hours and a support staff.

Generally speaking, from a common law perspective, if the lease was between different parties (LLC and Tenant) and now it needs to be in different names (OP and Tenant) then the lease agreement needs re-execution.

Just use the GPS System, non-lienable debt, and build a power team so you can execute many properties at once.  40 months, for just over $3k a month really isn't that hard...ion the right market. 

Am I better off to hire an architect and have them draft the drawings, and then have a very good, experienced handyman/build (without license) to execute the projects and drawings?

here we dont, other than Deed Prep, but the Title co. generally uses there staff Atty for that. and i forgot the Transfer fee of $3/$1000 here.  

Invest out of state (but only after I was 100% confident in the team I assembled OOS's ability to execute the entire process of locating, evaluating, closing, and managing my investment)With that said, there is a fourth route that you didn't mention which, at least for me personally, is far more preferable than the three options above.

The best QI firms will have both legal and accounting specific professionals on staff to comprehensively deal with a statute that is both legal and tax accounting specific.  

Herveat, 238 Mich.App. 267 (1999).A land contract is an executory contract in which legal title remains in the seller/vendor until the buyer/vendee performs all the obligations of the contract while equitable title passes to the buyer/vendee upon proper execution of the contract.

Build condos and sell the units,  but you become the property management company and run the HOA :P   --- sweet deal  if you can also have strong Attorney/tax pro/Accountant on admin staff on your team. 

This should be a document that allows you to be able to execute without thinking.This is what you want.The process should be clear enough and outlined enough that you get a renter in there.The dust settles.