In a great and popular location with rising rents and upside on price with renovations but also that will cost in the short term to improve the property. 

All of the partners I've onboarded over decades start out great, only a small number will go the distance.

I've never seen a new STR law that didn't grandfather in existing permitted short-term rentals.

I have family down there and they are driving for dollars and I will be long distance investing with them.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

@Olecia Williams I am local here in Florida and help clients all the time purchase second homes that they short term rent with 10% down with zero issues.

.- Short-Term Rentals in Non-Traditional Markets: Secondary markets like Florence, Alabama, are ideal for short-term rentals.

In person control before controlling re from the distance.

Finally, if you cannot find sold properties to compare within the timeframe or distance you can go out a bit to find properties to compare.This will get you started with finding values for residential 1-4. 

You should reconsider looking for a property zoned for short term stays.