Lastly, great locations open your property up to many other opportunities (STR, "MTR", etc.) 2) For your first house hack and for future investments, having a knowledgeable investor friendly team members can make a huge difference.

That last paragraph is the best advice ... consult a specialist.It is possible to structure ownership of a U.S.A. entity such that it is a child (100%) of a Canadian corporation.  

If it’s feasible, how long might the process take, and what costs could I expect for the necessary permits?

She has had a year long lease then another year long lease renewal addendum with the old landlord. 

towel bar bracing, door stoppers, easier to access and adjust plumbing, will all make long term rentals easier.Best of Luck!

Hopefully you did not pay too much for the dirt. 1 acre is optimal these days because of desired double to triple drive thru for QSR.It can become a problem because if they make the building smaller you get less rent but they do more sales.Example a QSR used to be 3,000 to 4,000 sq ft but now instead wants double drive thru's as not many go inside for fast food like pre-covid.If you get 1,000 a foot less at 30 a foot you just lost 30k NOI and now at 5 cap example paying all cash NNN once developed you have lost 600k value.It can fine as long as you do not overpay for the land.

I have bene in Real Estate appraisal for the last 3 years. 

Only problem is that would take a long time.Hopefully that makes more sense.Quote from @Scott Mac: If you have to ask that question, nobody knows your situation better than yourself, and you could not answer yes your income is fine-  most likely it is not.

We had a primary and secondary residence and a long term rental when we purchased a vacation property in Punta Cana in 2016 to also use as a vacation rental when we weren't there.  

Despite owning our primary residence (paid in full) and being invested for so long, I am realizing I know very little about hands on real estate.