What if the new owner backs out of the job and gives it to their "regular guy", will the original contractor come after me for any expenses/materials spent?

Their expenses might be more than what it costs them to sell it...or what they will charge to make it worth their effort leaves you with no profit. 

Revenue is not profit though...you have additional expenses in STR (close to 50% of OpEx) due to cleaning, vacancy, and supplies.

It's the same with loans.On a $400,000 loan for 30 years, a 1/4% interest difference costs you something like $23,000 in frozen costs not to mention that you could be investing that money along the way.Here are some of the companies owner by Fidelity NationalAll of the major title companies get their titles through FIDELITY NATIONAL TITLE INSURANCE COMPANYand their list is something akin to And on it goes. this was not useful.Nor was your comment required. 

All rental income should be deposited into this account, and all expenses related to the rental property should be paid from it.Accounting Practices: Maintain separate books for my personal finances and the LLC’s finances.

Consider using turnkey services for fully renovated properties that don't require property management.

The rent to own company requires you to have 3% of the purchase price for a down payment but using RRSPs would result in standard penalties for removing these funds.

You are not required to renew a tenant lease.

It is a simple process and requires a different filing with the SEC.

Florida is pretty landlord-friendly, but is expensive.