We are getting a sofa bed for the living room of our STR.

These neighborhoods have had favorable zoning for a number of years and development usually follows the path of least resistance.Keep in mind prohibitive zoning is a leading barrier of entry and is usually why neighborhoods lack new supply even when the underlying fundamentals and demand are strong. 

Quote from @Dave Hart: In the weeds on this one.

If we opened the LLC, would/could we transfer the ownership of the property to the LLC?

Or to live off the cash flow?

Mostly on trade accounts with local businesses for the materials, some business credit cards, some of the contractors were OK with waiting 30 days for payment. 

Just do the deal in cash, then do a refinance.

I received the following email today.Good Afternoon,Be prepared!

@Tanya Maslach What was the asking the price and what was your original offer?

My easiest and safest bet would be to just build the outside storage lot.