We have seen this from multiple STR owners (residentially zoned) who have had to sell and their STR sits on the market for months, maybe years, because investors don't want it and potential homeowners can't afford it. 

Exclusively north of Red Deer and into parts of Sask as well.  

You need to find an attorney to draft the condo docs, but of course you have to check zoning requirements to make sure the cpr as you envision is even possible.

The area is growing tremendously, both houses are in great school zones.

I have done some zoning research and it is a big hassle especially with them being out of state (looking to move back home) to try and jump through all the legal hoops to do this. 

It's usually not the actual municipality creating issues except for that one that I think was near Clearwater/Tampa where they codified in zoning something anti-STR. 

My company is Red Key Services LLC if you want to look me up. :)

@Rob Ibarra Converting non restaurant space into restaurant space can be fairly costly from what I understand due to the need for larger than standard water lines to service the building and a general need for grease traps and other restaurant specific infrastructure.My first question around going from abandoned auto shop to kitchen is zoning, could you even get the use approved, and then are their any environmental factors in play? 

The buyers have reported that they are unable to obtain financing since the duplex (built in 1907) is located in an area that is zoned for single family homes (Toledo zoning was established much later).

After attending an awesome BP meetup in Philadelphia (hosted by @Troy S.) some red flags have come up regarding the structure we're looking to use to fund our first flip.My partner, @Phil Sabella, and I have connected with a financier/partner who does JV's.