I highly suggest you take a closer look at your numbers, particularly for a multi-family building which has added costs compared to SF homes practically everywhere in this country between STC ratings, fire ratings, storm water,  fire suppression requirements etc. 

What is the recourse for the tenant who signed the lease under each individuals name?

We require them for any tenant over 18 years old.

I am here to learn more about my own personal investments as well as seeking out learning opportunities from like-minded individuals.

No reporting required at this time.  

I did not know of this time log requirement for STRs, so as a newbie I am going back through emails, texts, phone logs, invoices, etc. to determine how much time I spent on everything.  

Very unlikely unless you find a private lender/individual to do this as a one-off. 

Germantown has better cash flow potential but may require more hands-on management.

As you develop the park I would strongly recommend your homes be individually metered for water, sewer expense prorated and garbage paid by tenants via individual can service. 

You said public water was available...would the lots require a septic system to be installed or is public sewer available?