I put $40K into restoring it and played up the theme that it was the old.

People rent it for weddings, family reunions, etc for maybe $150-200 per day per end.

It's a facts and circumstances based analysis and documentation is key.The general theme of this thread dealt with the former, not the latter. 

We started a local art gallery and held events like weddings and other entertainment.

Agreed, the "Syndication", "Private Equity Real Estate" or "DST" model are all variations of the same theme: - Pay money to sponsor who is supposed to be an expert investor.- Give them complete control over your money in the context of the deal or fund. - Wait and hope that they deliver returns. 

In Florida, coastal areas tend to offer the best opportunities for STRs, especially given the saturation in the theme park areas of Central Florida but I'll let the full time operators chime in.

We are less than 5 minutes from Silver Dollar City (themed amusement park), which is a huge attraction in the area. 

A fire pit, BBQ grill, or outdoor dining area can also be great selling points.Themed Decor: Consider a lake or nature-themed decor to enhance the experience.

I would make sure you really lean into a theme if you're going to do it, because that is what is going to attract guests.

@Sherry McQuage thank you for your reply; after reading the responses, an obvious theme is asking for extension on the due diligence period which I have now requested.