2.Create a direct booking website and set up an escrow account where guest payments are held and disbursed to the property owner and cohost according to agreed terms?

We have been keeping it as office use until we get our construction financing set up along with all of the other funding sources.

So if the partnership would not be allowed to purchase the entity together and I were to buy it, if we were to force our way down this road, would be to set up a legal agreement beforehand, I would buy the property since a partnership can not, and then the exchange for  ($$ + assigned roles + etc), my partner receives 50% equity?  

Their previous lease includes a portion of storage in the basement with laundry access(also in basement).Current set up: tenant occupies floor #2 with separate access to the basement for their laundry and storage.Future plan: reno basement and remove storage/laundry access for tenant.

Back when a close friend of mine; he’s a commercial landlord in Phoenix who once took on a quircky triplex in a tough neighborhood..decided to reshuffle his insurance setup, I saw firsthand how getting stuck in a clunky policy can really stall your forward momentum.

He'll lend in markets where there's a network set-up that has proven to move investors through. 

@Jason Tucker Thats a good setup for what you are talking about.

My partners and I subdivided the property into two distinct rental units:Unit 1: 2 BR / 1 BAUnit 2: 1 BR / 1 BAGiven this setup, the property is now being used as a multifamily dwelling.

It's why most large landlords use their own in-house tools/software they pay someone a one time fee to setup for them and then hand off. 

I have it all set up for a 1031 exchange and I am now under the 45 day countdown.