I would run the scenario by your lender and make sure you are good before jumping into the depths of doing the full refi. 

I have also made a youtube video on this concept if you are interested in a more in-depth explanationyou can check it out here:  STR vs Long Term Renting

It’s a bit of a vicious cycle bc tons of LTR investors searching for yield have pivoted to STRs and are happy to take ~10% COC returns since that beats what they can find today with LTRs … problem is STRs are much riskier/ more volatile, so in theory investors should demand a higher yield than this to hold these assets (but most folks aren’t thinking in this much depth).

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.

This may affect your asset's ability to hold value (real or perceived) over time, perhaps (low risk) for appraisals for refinances, etc - but (higher risk) during a more in depth diligence/inspection when you're selling.

The building depth failed me cuz I didn't have their stamps on my scope of work.

Hey BP Members,I am starting out and trying to educate myself in understanding creative financing strategies (or real estate financing in general) in more depth.

The syndications with the BEST investor risk/reward returns (and sponsor/investor alignment as well as sponsor relevant experience and depth) are only open to QUALIFIED PURCHASERS, who are investors with investments totaling a minimum of $5 million.  

If you need more in depth info or spelling out the details better I can do that. 

The questions you're asking are important but open-ended, requiring more in-depth discussion.