Always talk to your CPA to see if you qualify.That said, the benefits are definitely worth it if you do.

I dont know the market in Las Craces.....but in the DC area, we definitely have a seasonal adjustment on sales, and if the property was here, it would have been listed at the worst possible time. 

Definitely doing all that.

A shorter minimum stay and dynamic pricing are great for attracting bookings during slower periods, though the trade-off with single-night weekend stays is definitely a balancing act.

Drue, looking at your family friend’s property, there’s definitely some room to maneuver here.

I'd definitely consult an RE attorney who is versed with dealing with these. 

However, if both are desirable and available in your market, I would definitely choose smaller multifamily (1-4 units) hands down. 

@Scott Tennell there might be two different definitions here to the PML term.So, if you mean you are reaching out to PML that lend money all the time and have experience doing it - then they will tell you what their requirements are.  

However, I'd definitely appreciate opening the conversation on the BP forums!

Definitely get the structural engineer to look at the joists & support beams to see what's up with the uneven floors.