I am in the infancy stages of my due diligence and I definitely plan to do more background research before I start throwing out offers. 

You’re already past the initial stages.

Some of the same organizations currently disposing assets are looking at new BFR communities in various stages of development.

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

In other words, should we do the rehab/upgrade stage while owner occupied or in rental phase?

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

Does anyone have experience with these arrangements? 

This is a snippet from an article written by Onera Group.Short-Term Rental Analysis in Okaloosa Island, FloridaThe base of our short-term rental analysis is outlined below:First, we will identify areas in Okaloosa Island that consistently experience high demand for short-term rentals year-round.Next, we will narrow our analysis down to a specific subarea, considering factors like occupancy rates, average stay, daily rates, and annual bookings, among others.Then, we will identify the precise characteristics of top-performing listings in this subarea, including property type, number of bedrooms, bathrooms, key amenities that drive demand, among others.Next, we will reveal how top-performing hosts in this area adjust their daily rates throughout the year, capitalizing on the seasonal trends in the short-term rental market.Finally, we will conduct a financial case study to determine the expected net annual return of a listing available in the for-sale market within that specific area in Okaloosa Island.Analyzing High-Demand Locations for Short-Term Rentals in Okaloosa Island, FloridaThe first stage of our analysis involves finding areas with high demand for vacation rentals on Okaloosa island.

How is it in a "simple" multifamily apartment LLC, in which everyone (syndicator included) has ownership shares, that contributed capital does not meet IRS tests for determining percentage ownership, like the Substantial Economic Effect test, or reflect the genuine economic arrangement among the partners?