I am looking for a cpa to help ensure I meet all requirements of a real estate professional, and to utilize a cost segregation study appropriately. 

I thought I was on the right path and I thank you for the confirmation, however the main concern that I had was the appropriate "tenancy" - either traditional lease versus short term rentals such as Air BNB or VRBO which can be spotty few days a month.  

You will need to obtain a license for each property, calculate the appropriate tax, report and pay it.

When done right, investors can purchase a distressed property for a relatively low cash investment, fix it up, and rent it out for strong cash flow.Building equity: One should also account for the amount of equity that is built up during the rehabilitation phase.

How should I handle this situation appropriately?

You do need a securities attorney to prepare the appropriate documentation and walk you through the process. 

You can tweek it up in excel and label your debts appropriately to match what your accountant will put on your schedule e.

For experienced Syndicators or JV Partners, I am trying to determine an appropriate equity share and need your help. 

The study should describe the methodology and the steps taken to determine costs and classify assets.Use of appropriate documentationThe documentation varies depending on if the property is new or used construction.

On the other hand, if the tenant is month-to-month you can send them a letter to non-renew with notice appropriate in the lease (usually 30 days').