You could still do that if the money you invest by taking cash out generates higher returns than you are paying.2.

Some ideas we had were:- daycare - gym- breweryBasically the people that are renting it now are leaving and we want to put something there that can generate more cash flow.

I am a 4th generation real estate investor and still learning! 

I'm looking to get financial and time freedom and make a better life for me and my family with generational wealth. 

Quote from @Eric Justice: People buying a property in all cash can help future generations.

The lot has been owned by the client’s family for many years and it may have been passed down through generations.

Sponsor is Jeff Greenberg, owner of Heritage Group Capital, 3rd generation CRE, at first did multi-family in New Jersey, now diversified.

Many in the last generation had nothing.

Would AirBNB still recognize me as the property owner and the one collecting the payments once they generate tax documents? 

You would be surprised but I have read resumes with mispellings, poor grammer, etc.I would recommend generating a comprehensive global cash flow spreadsheet that includes all of your RE owned.