Overall I think nationwide it’s getting very tough to get into the STR space and make money and the fact that a municipality can tank your business at any time calls for a strong back up plan from the start!

I don't plan to ever move the property, and I want to keep it as a rental as long as possible.Thank you

Hello BP.As part of me and my partner plan to establish a Joint Venture with an investor, we are moving forward with purchase of a property in JV model.We would appreciate clarification on the following points:1.

This may or may not be true, but either way it sounds like your best move may be a court ordered payment plan.

How should I proceed with structuring this plan?

I would think your plan could work. 

With a backup plan, and proper (extensive) legal docs, much of the risk can be mitigated.

I don't plan on adding anymore and just putting my capital into my existing STR's. 

The alternative is to set up a self-directed IRA, or better, a truly self-directed Solo 401k plan, invest in alternative assets, and then do the conversion.

@Jeff Shaver There could be a problem with the plan.