Just had an IRS audit with someone who took that approach - they got crushed.Remember the human element of the law - it is not just what is on the books. 

For example, if a buyer is offering $200 per square foot and the medical condo is 2000sqft (as detailed on the city records) and there is a 13% ownership in "common elements/common surplus/shares in common expenses"... is the purchase price based on the 2000sqft and the common space is just included as part of the deal or is it based off of the 2000sqft plus the 13% common space?

Investing goes beyond just numbers, there's a human element to it.

I almost won a deal I wasn't even in the same ballpark as numerically, but my responsiveness and willingness kept me in the conversation long enough to get a sincere "thank you" which I don't underrate,I can't argue with saving money, I encourage it!

I believe there are numerous opportunity left on multifamily deals where price point of around 800k-3m  where most institutional buyers are not looking at. 

See Brandon's Post https://www.biggerpockets.com/renewsblog/elements-...

Commercial financing 5-8 units is out of my element, but I do know a good commercial lender.

I'm wondering if anyone has advice on different elements of such a venture (did read good article from Mike Lacava from 2014), but wondering how best to size the build for my area, best type of lending to go after, other things to watch for in such a venture. 

Short-term vacation rentals is pretty much one of the main industries here with privately owned condos being more popular and numerous than hotels.

There are so many little things about this that are not complicated, but so numerous its mind boggling.