Fundamentally, I want a balance between an efficient, market-rate park and tenants who are happy and comfortable.

However, if the nearby high-risk area poses too great a threat to perceived safety and could potentially deter quality tenants or future buyers, it's probably too close for comfort.

Second, in terms of asset protection, LLCs are not invincible, but I think what many don’t understand is that they are not designed to completely shield your assets from liabilities, on the contrary they are designed to contain and isolate liabilities.

It is important that the designed purpose of the property is congruent with the rules and regulations established by the local authority in order to ensure its successful use as well as to avoid any possible inconvenience due to lack of compliance.

Please share your experience if you are comfortable doing so.

What's at risk is it may not cash flow and renting is not so common in South Jersey, but I would feel more comfortable investing in a good area where schools are decent to good, and tenants are likely to care more.

It helps that STRs are more actively managed than LTRs to qualify for being designated a Real Estate Professional.They do this with their individual tax professionals.I have nothing to do with that or the cost segregation studies.

I would say 30 days is the quickest you could make it happen. 60 days would be a lot more comfortable, and less hectic of a process. 

The other 75% of the skills required to be a good developer will have to be learned elsewhere (a good mentor is the best way).These include everything from Zoning/Subdivision/Land Issues to Environmental Issues to Permitting Nuances to Design Issues, plus all the differences in financial analysis.

For example, I have a potential client that has decent unit with a solid location but the decor/furnishings remind of a frat boy out of college meets IKEA/Amazon.A unit like this will suffer from poor design and the reviews will show as well which I do not want affecting my reputation or Super Host status.Do I just decline taking them on if they are not willing to work on it?