This will all have to permitted by your city, along with permission from the current owner.Have you considered purchasing the entire parcel and renting the main home back to the current owner?

@Carloz Gil I like stuff that mainly just needs cosmetic improvements to add value and gain some equity afterwards.

Do my Ohio LLC's  under the main LLC "have to" have a Fed ID # if they are only there to contain ownership of the property?

I frequented it but the last several months it just redirects me to the main site.

My main concern with it is that area is seeing a massive amount of new construction in both hotels and houses and if the economy gets soft the booking could get very competitive and rental rates could compress and occupancy fall.

I recognize, of course, that I could go with hard money, but that's not my FIRST choice. 

I mainly want to serve investors and residential.

The main factor for me, if I try to correct the tax records, it might end up getting into higher tax bracket  and it may not be attractive investment anymore, but the big question I have is, will the city/county put it into higher tax bracket if we increase number of rooms and dont have to increase sq ft size at the tax records?

Tom - I will be attending the next "main meeting" for SJREIA will be watching for the other meetings mentioned.

For those interested, I am using the Small Company Offering Registration ("SCOR") form U-7 as the main disclosure document, rather than the S-1 or federal crowdfunding document series that companies use as the basis of a 'prospectus' for federal (SEC) filing.