Lastly paper work and inspections, a GC should know codes and how to fill out permits deal with logistical end of things.

There were Lots of surprises once acquired, ( Rat infestation in AC ducts, bad galvanized plumbing, No permits, leaky roof, foundation issues, stray cat infestation, windows falling out, opossum infestation.

Can you submit for permits on a house you are purchasing before you close?

The panel upgrade will require a permit and the city/county, who will issue the permit, will make this determination. 

Alternatively is there anyone currently doing airbnb hosting in R.B. and how is your experience with the city permits/enforcement been?

The method that you choose on this transaction must be consistent on any similar future transactions.I don't know of any regulation permitting a $0 basis election on property.

It will also list the permitted and conditionally permitted land uses.

Environmental Protection Agency (EPA) or state-certified lead-safe renovation contractor must beused for the painting work; machine sanding and use of propane or gasoline torches (open-flame methods) are not permitted, and just washing and repainting withoutthorough removal or covering with siding does not constitute adequate treatment. 

Non permitted flips are more manageable imo, as you do not need to involve a gc, and probably best for one starting out.

On the point of staying on budget, I would stress that clear, itemized and detailed scopes of work that include who is responsible for permits and what happens during delays are very good ideas.