I plan on doing more properties in the area, but this is a relatively light rehab flooring, paint, master bathroom, and some misc carpentry items. 2.

My plans entail turning the den/office space into a BR then re-working the floor plan upstairs to create a beautiful master en suite. 

My rule is, get 5 STR near you if possible, master your systems, processes and hire a great team, then move on to the next market city, state and so on..2.

He says They can legally post notice on the front door and enter with their master key on the property and do an inspection (this is what is being done now by the way based on the above).

Don't lie to them you need to have the lease straight.1st have an LLC and put the lease in your company name2nd write an addendum in your lease that you do corporate housing and temporary stays and and will be their sole contact and master tenant of the leaseThese changes to the lease are justified by the fact that you are offering a higher rate guaranteed than they would get on the market.It can work well if there is a building with a bunch of vacancies and you come in and offer to take them all.

You can't occupy a 600 sq foot master while renting 3 100 square foot bedrooms adn claim 75% business use.

Electrical contractors need to have a Master Electrician on record and at least a Journeyman on site).

Can you get a roommate (rent the master bedroom) and a second gig?

Look for something that doesn’t require major work (think roof, hvac, rewiring electrical, moving plumbing) as those things can eat up a budget quickly and focus on cosmetics like exterior and interior paint, updating hardware and fixtures, replacing appliances, and focusing on a high value area like a master suite and/or kitchen. 

While the master was supposed to be a short-term living solution that I'd live in once the resident moved out, I wasn't complaining as I had healthy cash flow while I was living there.