.: The problem is the government would have to get out of the way.

You should follow all the same processes you would with a LTR, including the lease.

The rental income at purchase was $8400/mo. 

How come you want to switch up the strategy and move markets at the same time?

The primary form of diligence we see on the forums is "what do you think of XYZ sponsor and deal" whereas the common form of diligence in the space by institutional investors, large investment groups, family offices, and sophisticated investors involves following the sponsor for years, underwriting the deals, validating rent comps, background checks on the general partners, and a host of other diligence that materially de-risks the investments.  

Red flags all the way around. 

Note: Short and succinct updates are provided on the https://fincen.gov/boi website but I like to get more context.

Not only do you have to do all the things needed for the inside, but you also have the outside to worry about as well. 

Some states allow the owner to hire employees to work on their behalf.

Hi Jon, welcome to the community!