Understanding these rules is essential for investors seeking to capitalize on the short-term rental loophole while maintaining compliance with tax regulations.

This is very odd especially if there was no deposit and work was performed .

I feel that if both parties understand the risks; if real estate investing is their business, if both parties are sophisticated and experienced investors, and both decide the risks are worth taking, then subject to can be a workable tactic.  

However, after meeting with a friend who has real estate experience he mentioned that he predicts in about 12-18 months there will be a downturn of the market and an influx of foreclosures due to the pandemic forebearance.I now feel like our momentum and excitement has come to a screeching halt and I am unsure of whether or not to invest in this market.I understand long term the market works itself out, however, if I bought this multifamily unit on my current income, I cannot afford for the rental market to depreciate as well which is my fear.The mortgage would be about 4K.

Why are you going on an appointment if you don't even understand what you are doing when you get there?

While I understand that some individuals utilize LLCs for anonymity, my primary goal is to prevent these properties from falling into disrepair or becoming abandoned assets in the city.Would it be appropriate to contact these lawyers to discuss the status of their clients' properties?

My initial instinct is to make sure you understand the occupancy expectations for residential but especially the commercial risk portion when underwriting.

We understand the significance of teamwork in this endeavour and are excited to collaborate with like-minded individuals. 

I found as odd. 

I would not advise doing that if you're unable to afford it on your own unless you fully understand the risk.