Prior to last year, effectively any SFR was eligible for a short term rental license.

I think I'm in a pretty unique situation and am trying to figure out the right hoops to jump through to move forward.Long story short, I'm trying to tap into the equity of the rental property passed down from my grandparents that is held in an S-corp which is co-owned by myself, my siblings, our cousins, and an idiot uncle.

There is a distinct difference in the law between short term and long term rentals. 

Now take short-term AirBnB properties like one of mine in Miami.

@Matt SchreiberI bought my one and only short-term rental (STR) in North Myrtle Beach in February 2024.

Our first accepted offer was a 320 unit deal that we contracted, put up non-refundable (yeah, I know) earnest money, and thought we had our financing and money in place to do the deal.  2 weeks before closing a major (several million) partner pulled out leaving us short of the funds needed to close. 

Although the study may increase the gain, the gain may be taxed at a much lower rate making it a beneficial investment.If a property is purchased with the intention to flip or own for a short period of time (less than 3 years), a cost segregation study may not be significant.Overall, as long as you intend to hold the investment property for greater than a year, the benefits of a cost segregation study should be considered.

arbitrage is not a short cut to owning property.

But your colleague may have been confused about Short Term Rentals (STR).

Additionally, the beach is still within reach...just a short 1 hour flight or 6 hour drive.