Student rentals have existed for many decades, are well established and fully recognised and supported by the legislation.

I would like to establish a couple wholesale relationships here too.  

Update:We are Moving forward here by establishing a petition to the city board and use the grandfathered clauses to claim these extra units.

You can correct this oversight by filing a form 3115 with your tax return which will allow you to correct all of the past errors at once and establish the correct method going forward.File an extension for 2016, send in a little money if you usually owe with your extension request and get thee to a competent real estate focused CPA.

Therefore, I can only recommend you find a mortgage broker with whom you establish a working relationship to support you also going forwad.

The initial closing was not established since a lien had been noted by the lawyer for seller  (unknown by anyone from 30 years ago).

Im not yet quite as established as an investor so the type of support Im looking for is mainly related to setting up a marketing website, getting ramped up with MLS, getting comfortable with the contract process and finding, etc.

I want to explore the development opportunity but going in circles trying to figure out how to get started, or should we just sell and take the cash and put into something already established. 

Genesis Pacheco I would strongly suggest you establishing a Corporate Entity such as a S Corp or a LLC.

My dream is to start establishing a passive income now and be set by the time I'm 30.