Quote from @Dominic Mazzarella:@Dominic Mazzarella: thanks so much for your response.

Thank you for your response. 

I have never heard of this metric and don't see any information on it online.

Several economic factors are contributing to this shift:Overbuilding: Some areas of Charlotte have seen significant overdevelopment, leading to an oversupply of rental units.Tighter Money: Rising interest rates and economic uncertainty have made tenants more cautious with their spending.Tenant Behavior: Many responsible renters are choosing to stay put rather than take on the cost and hassle of moving.What Does This Mean for Landlords?

A syndication was way overkill because there were only 5 capital partners so they customized an operating agreement with their attorney that outlined roles and responsibilities, distributions, membership interests, etc.And you don't have to have all this stuff figured out right now; it's very customary for us to assign the contract to whatever customized entity we end up forming.Just one caveat. 

General area and property class would be needed at a minimum for anyone to offer an intelligent response. 

The city board of adjustment meeting was held today and we presented our case and explained that we made huge investments into the home to remodel and furnish it with the belief that we would be able to operate it as an STR since we had an approved permit.The Board denied my request and did not take any responsibility. 

The client will be solely responsible for capital gains taxes, including depreciation recapture, regardless of the agreement to share proceeds.

Response "Oh, yeah.. these are long-term rentals and yeah, why did they go 20 miles out..."

I know this is a differing topic on the forums, and online in general, but having the legal background/education and knowing estate planning concepts you'll realize it shouldn't be.