You just have to make sure you're using someone that actually knows what they are doing and not someone that throws it to a lender that specializes in Conventional Loans.

i am in the Tampa area and specialize in STRs. 

A broker can connect you with specialized lenders who understand your situation and offer competitive terms.2.

Syndication Reporting IssuesMissing Form 8918 for reportable transactionsInconsistent investor disclosuresRequired registrations skippedWhat Doesn't Actually Matter:(Despite What Your Uncle's CPA Says)Special AllocationsNormal promote structuresStandard waterfall provisionsTypical developer promotesReality: Unless extremely aggressive, IRS rarely caresTechnical DocumentationMinor §704(b) gapsCapital account glitchesTechnical allocation languageTruth: Unless hiding something biggerProperty Value AllocationsNormal basis step-upsTypical appreciation splitsStandard promote calculationsReal World Example:🏢 100-unit apartment complex4 partners, $5M dealDeveloper promote structure= Zero IRS interestSame Deal With Red Flags:🏢 100-unit apartment complexHidden partner arrangementsArtificial loss allocationsUnreported debt shifts= IRS AttentionPractical Protection Steps:Basic Documentation✅ Clean operating agreement✅ Economic substance✅ Partner contributions tracked(Don't need War & Peace complexity)Economic Reality✅ Allocations match economics✅ Real money movement✅ Actual partner participationClean Reporting✅ Consistent K-1s✅ Required forms filed✅ Clear communicationThe "Sleep Well" Test:Can you explain your structure to an IRS agent without sweating?

Without writing a book, google these two terms.Zombie CondoHOA Special AssessmentThen search for news on condos in Florida from this year.

Or does one need a special license / need to open a company?   

Residential conversions are costly, so working with an experienced architect and contractor specializing in adaptive reuse is critical.

You just want to make sure your paperwork is solid. we went with a company that specializes in writing them called creative tc. https://creativetc.io/

Hey Tim, Under IRS Publication 523, as a military member on qualified extended duty, you benefit from an extension of the “2 out of 5 years” rule to “2 out of the last 10 years” for excluding capital gains on the sale of a primary residence.

Another one I wish I had taken earlier was to get involved with a boutique or specialized commercial broker.