Need help in planning trip to Italy
 

Travelling in a few weeks to Italy. Want an apartment in Venice for 3 nights as well as accommodations for 2 nights outside of Florence so that we can take a day trip to Florence and a day trip to Cinque Terre.

If you want to visit both Florence and both Cinque Terre i suggest you should stay in Montecatini Terme at Hotel Ercolini e Savi (half a hour from Florence) and there you can also experience thermal baths.
http://www.ercoliniesavi.it/

What is your budget for Venice (this is very late to be looking for an at and there may not be many chioces). Also assume this is for a couple? Will a studio suffice?

I will need at least a one bedroom with some type of couch as there are two couples. Alternatively, I could book two rooms. Any suggestions would be helpful.

Budget per night? And is this per couple or for all 4 people?

Budget is approx. E150 / night.