If you do have it done, get an engineer and only use an experienced contractor who has done many of these type jobs.

Thus, the investment grows like it's sitting in a roth 401k/IRA       Then when you die, your heir gets a step-up in basis, thus eliminating all the prior capital gains over decades, but only up to 13.6 mil this year :(              Debt Funds (like mortgage note investing) can also be very lucrative but I don't know/understand the tax savings/issues in that class yet, still learning :)              Equity REIT investing can give you great siloed real estate exposure in 11 major asset class sub-types, but don't offer the direct tax benefits as direct RE ownership does above, as the REIT gets those benefits when it transacts and as a corporation passes those benefits secondarily/indirectly onwards to us investors as high dividends and gradual stock price appreciation.

What made you interested in investing in this type of deal?

You can use this tool to figure out that part: https://docs.google.com/document/d/100dRzu-iQEIZbR1adxIASdH2...Once you have that you should engage a local broker to discuss the options for those types of uses in your market and they will be able to help you understand the overall picture and cap rates of the various options.

We have enough in our account and enough of an equity in our home where we could really start with any type of investment so that’s where it’s difficult to choose where to go. 

Broker/Entry-level type role in the commercial real estate world.

It wouldn't hurt to make some phone calls and see what type of a response you get on how the city feels about STR. 

Why are posts and documentation on this website particularly advising against them?

This raises the question: what type of property should I be targeting?

Hi, i have 10 acres of industrial land and going to be building out muti use type of storage kind of little bit of everything, rv /boat storage / semi truck parking , and little bit of container storage   and small spaces (5k-10k sqft)  for contractor yards as well .