This creates a negative initial position.

One STR is a very small proof of concept.

This is the structure we were looking at which is more of a subsidiary structure and this applies to raw land development: 📌 Structuring Plan1️⃣ Set up a QOF to raise capital from investors.2️⃣ Create a QOZB to handle hotel & parking development (each separate land parcels).3️⃣ QOF owns the land & funds QOZB for development.4️⃣ Raise capital through QOF equity, bank loans, or JV partners.5️⃣ Develop the projects & operate for 10+ years for tax-free gains.

@William A. 

My realestate agent keeps pushing me to sell them individually, and I really want to keep my tenants with a landlord.

The property was in a great market but needed a full cosmetic rehab and basement finish to add a bedroom and increase resale value.

It is far cleaner to transfer a vacant unit than a leased one.

Here is some info: SF STR FAQAssuming the info is up-to-date, it must be your permanent residence (you must live at the property for a minimum 275 days a year), you can rent unhosted a max of 90 nights a year, you need a business license, and you need to pay the city $925 for a STR certificate.

It would still be a 5plex.

You can refinance into a FHA 203k or like @Jason Wray mentioned you could even use a Fannie May homestyle renovation loan as well!