(my background: been doing wetland delineations and permitting in the gulf coast states for 10 years)I'd recommend you contact a local environmental consultant on that one.

Muncie has a significantly larger renter pool because it's a college town, but the PM side is going to be more difficult because most of the tenets will be short-term (and there's a lot of competition). 

Introduced to the seller through a classmate in college.

One great approach is to draft into the operating agreement that early exit isn't permitted. 

How to go about in surveying, zoning, permit, selecting contractors, loan, construction and guidance for first time home builders

Have a detailed contract and make sure you have the SOW in writing for both parties.Get permits for everything that needs permits.

I’m looking at a duplex that was illegally converted (proper permits weren’t pulled/zoning is still single family residential).

It is basically adding a wall with some electrical outlets so my guess is we need electrical permit?

Town houses for renting to college students.

Get a permit for that build?