Considering the building is still legally set up as condos and they are rented at much above market rates, I'm wondering if I could still demand $1.4 million for it?

I'll make sure I make this adjustment.

We are set on entering the STR niche in the right market.

That means calling the shots, setting my own schedule, and spending quality time with my loved ones – all while building something substantial for the future for my family.So, I'm throwing caution to the wind and jumping into this with both feet.

My winter guests in Florida are almost all through VRBO, probably because I have older people who book far in advance, and the older folks seem to be on that OTA while the younger set are more likely to be on AirBnb and are more last-minute bookings (for me and my properties).

But if you want to set up a business and manage other properties for fees, you have to be licensed.

I'm trying to figure out how to set up my 4plex legally to protect our assets and also keep track of each property.   

But the State of AZ, overall, still has regulations against restricting STRs.....they just loosened them up in some areas...I agree with @AJ Wong that the bust and the boom are over and the STR market will adjust to 'normal'

Here's why.People are drawn to our area due to the absence of natural disasters, low property taxes, home prices close to the national median, and a thriving tech and research hub, coupled with the life sciences sector.Considering the ongoing influx of people and the likely rate adjustments announced by the Fed for later in this year, we anticipate prices actually  rising as buyers enter the market.

It also can get challenging to set a price now to possibly buy in the future that the owner and you will feel is fair (with markets still appreciating at a healthy pace).You can also keep your eyes open for a seller willing and able to do a land contract with you (but there usually would want much more money down and likely want a full pay off in a few years, but can see what you can negotiate on terms).I agree nothing illegal about options/option fees in WI to my knowledge, but generally seem much less frequently used in single residential transactions than commercial transactions where due diligence and closing timelines may be very drawn out.