They put in beautiful hardwood floors and high quality finishes throughout.

I am curious about this nature of the business as I build my REI business.

The beauty of this asset is there is no right or wrong it all works. 

I was in a situation similar to yours and I have a duplex corner unit with a natural basement egress and tall enough ceilings.

I would love to be able to work with you down here in the beautiful state of Florida.

That sounds like it was probably a beautiful car, I hope you get another some day.

The optimist in me states that if I build something beautiful/unique, I can stand out.

You'll need to provide Entity Docs for each LLC that is a part of the transaction so that the underwriters can review them all the way down to the natural individuals/warm bodies. 

To do that, as long as you don't hit any of the standard tests (just google "material participation tests" to find the 7 tests), you are passive, and you can offset that income with your other passive losses.It will all come down to the nature of your involvement. 

It is beautiful, but not sure if I'll go that route again.For a rental, I'd go granite.