Also when do I need to worry about permits, like use and occupancy etc.  

The Manager shall send or cause to be sent to each Member within ninety (90) days after the end of each taxable year (or ten (10) days before such later extension date permitted under the Code for filing individual income tax returns), such information as is necessary to complete such Member’s federal and state income tax or information returns, and a copy of the Company’s federal, state, and local income tax or information returns for that year.

Different states exercise their own regulations concerning what permits and licenses are necessary to flip homes and that the investors should research and know what type of permits and building requirements are enforced in the area.

I know permits vary wildly.. we pay 10 to 15 a foot just for permits. 

I've seen homes that rival the most amazing homes in Bates-Hendrick, Fountain Square, and St Clair Place, but they are located in "ghost towns" right now.Other things to consider are:Median Household IncomeEducation levelMedian rent ranges for an areaYou can also check the city permits and enforcement database to see how many enforcement citations are issued on particular blocks of streets and how many permits have been pulled.

I found a listing that says shovel ready permit will be available on such and such date.

Wait until you have a permit issue and have to deal with a local zoning board that won't budge.. bathroom. kitchen. floors.gutters.driveway.windows.painting.tile work.doors.patching walls

Considering the cost, engineering, town and permit issues and all that can go wrong. 

Wondering if there’s anyone out there who knows the permits and regulations down there for STRs?  

They typically will greatly reduce the fines when a new owner takes over, is Cooperative, and cures the problem.For an illegal addition the cure is usually either to remove it, or pull a permit for it, have it inspected, fix anything done improperly.The fine stays with the Property, yes You inherited it.