It may be best to partner with someone that has done one before or somehow is a local expert on lot splits.If you can add a bathroom into existing space on high cost property it can add a lot of value.  

They are a great financin goption if your goal is to continue to scale. 

STRs continue to be a scapegoat for a lot of the housing affordability issues in Denver, Colorado Springs and elsewhere in the state, so it wouldn't surprise me if someone brought it up again. 

Obviously if I held all these properties long term I could continue to 1031 from property to property and indefinitely defer long term capital gains.

Building out the systems to continue to track inputs is exciting. 

Developers, builders and other local experts with that city in their keywords will see your post and respond. 

Trying to make it where there is a lot of data, easy to use, and have a lot of articles written by local experts.

Partnering with local experts who understand zoning, permitting, and market nuances can help you avoid costly mistakes and maximize returns.If you're in a high-cost area, out-of-state investing can provide access to markets with better entry points and higher ROI potential.

If curious, here are the last two: Jan 2023: Multifamily Real Estate is At Risk of CrashingFeb 2024: Multifamily is at High Risk of Continuing It's Historic CrashI think that the title for my 2025 analysis (likely Jan/Feb publication will be something more like:Multifamily is Finally Going to Hit Rock Bottom in Q2/Q3 2025 - Get Ready to Buy a LOT of itAs usual, I like to publish my draft thoughts here to get input from key players in the space and these forums, especially folks like @Brian Burke, to see if I am missing any high level areas, before I get into the weeds and look at the data more deeply and regionally. 

I’m not a tax expert, but one thing I’ve learned is to maximize deductions where you can.