I am currently simply educating myself on such options. 

Current Construction Co. and Resolute RDM have acquired this development project in Lebanon, MO.

Since you are married and live in a community property state, the IRS treats your joint ownership as a single owner for tax purposes, meaning you can answer "No" and proceed with disregarded entity classification.If you want to eliminate confusion going forward, you could dissolve the current LLC and set up a new single-member LLC under one spouse’s name, ensuring automatic disregarded entity treatment without needing to file Form 1065 in the future.

I still owe about $140k on the current condo.  

STR's are currently not allowed unless you occupy the property.

Currently being leased, but expect my total cash on cash return to be above the number I target.

Quote from @Andrew Steffens: I think going into an STR purchase with reasonable expectations of cashflow in this current market and rate environment is admirable. 

As far as rate is concerned, you can usually go about two points over the current rate (less closing costs for a seller financed deal so there is no real expense there) You need to make sure the borrower can cover that.

If a Room for Rent is worth $1000/month, then reverse amortization at current interest rates between 6.5-8.5% for 30 year mortgage would set the price between $130,000 to $158,000.

I currently work with investors building their portfolio with Turn Key investments.