I would stay out of that market space at the moment.

I saw a lot of threads that talk about tenants filing for bankruptcy while staying in the property but this is a slightly different situation. 

Staying an extra few days is only allowed when its a weekend.

I'm just lacking the knowledge as far as starting the business off correctly as far as LLC's and being legally set up beforehand.

If they deem it unaffordable, they will try to negotiate it down and if you aren't satisfied then you can start the process over with another tenant. the 2k they are currently covered for rent can be an old number and one the past owner never bothered raising, but I would assume you would have to do your own application to be a landlord and I am sure the numbers used would be based on current FMR and the tenants current income level.. then again my knowledge is based on S8 St Petes Flordia, and you should call s8 housing authority to get clear and best answers

I'd be inclined to follow your PM's guidance in this instance but stay on top of things.

@Jake Baker I like your knowledge on it doesn't have to be perfect RE deal every time, Cant go wrong buying in better growing neighborhoods. 

anyone knowledgeable out there?  

Stay in towns only where permits flow at least somewhat on time. 

I don't remember where I read that - and perhaps someone more knowledgeable on the subject can help out.