@Bayo Badejo Agreed, that Zip touches a lot of different areas, from the national park to south of exchange.

I've dabbled in learning different areas before, but never been focused.

I think you need to focus on one strategy first before you explore too many different options.

I have done a lot of these for my own portfolio, but am wondering if the tax implications are different if we do a cash out refinance for this partnership LLC and then have to "distribute" the funds to the members. 

To the insurance company they will view an STR differently than a LTR.  

Or like you said they can purchase less and pay tax on the boot difference.

Different lenders can view income in various ways depending on who you speak with.

Then we keep the accounting straight via Quickbooks with each unit a different Class.

How is it different than having a multifamily property or SFH will S8 tenants?

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.