Memberships 2 Pro: Renewal Process and Payment Confusion

I’m trying to determine the best approach to having a comprehensive renewal process for Memberships 2. I have come up with a couple ways I could set this up, but not sure which would be the best approach, if any.

1) One time finite payments where the member would be notified of expiration and be provided a link to a renewal page. Would I use the Membership List page? Would members need to sign up all over again?

2) Use recurring payments and provide them a notification that they are about to be charged, giving them the option to cancel the subscription. The “Subscription – Before Expired” automated email seems like it would do the trick, but I don’t know what link I should provide to cancel the payment.

I also see that I can use both subscriptions and single payment gateways for a membership. Does enabling both gateways give users a different choice as to their payment experience?

Any help or a point in the right direction would be helpful. thanks.