LLC's are state-formed entities to limit liability and are not recognized as a taxable entity by the IRS.This means two things:Understand the liability protections an LLC can provide for you and what state to form it in (attorney)Understand how you want it to be treated (S Corp, partnership, pass-through) for tax purposes and cost (CPA)Here's a BP resource on the topic: https://www.biggerpockets.com/...

Next in that, they designate that STR is not only recognized as a commercial operation, but an "intensive" commercial use and goes on to state it fit's in zoning designated for "intensive commercial use". 

@Kyle Baron They are pulling out all the stops in order to buy more time and they probably recognize you are a new landlord and are taking advantage of that.

If you do enough marketing you'll begin to recognize the calls from seniors who have no one to talk to.  

Ha, I recognize that house!

I'd check with the county auditor to see if it's recognized and if the work was permitted. my own opinion is that you added extra tenants, kitchens, bathrooms, etc to a building that it wasn't intended for and the rest weren't updated for it. for a first time investment it sounds like a no to me. just my 10 years of experience opinion without looking at the deal. worst case make an offer and get a very thorough inspection. make sure they check age of everything and pay the extra for the sewer line to be inspected.

Your post makes it sound like the one bedroom units were legally built and are currently recognized by the tax roll.

If you buy a $400,000 property and it recognizes 10% appreciation in one year, you suddenly made $40,000 in one year off of $80,000 if you put 20% down.

I told the applicant yesterday that leaving out the info wasn't a good move, and that I recognized another previous address, that happens to be owned by people I know (BP members!).

@George LaiI recognize that you had some maintenance requests that were delayed during a period that Ohio was under a state of emergency due to the pandemic.