One of the attractive points of commercial real estate is the ability to force appreciation through rental increases and operational efficiences.  

freedom to choose to be real estate entrepreneurs and the ability to actually do it.. once your put our mind to it.. 

If you want to keep the condo after renovation, but it's non-warrantable, your financing options infinitely shrink (as does your ability to sell down the road).Not impossible mind you, just a smaller set of lenders, both hard money and portfolio that will finance your project.

You have all the control.You could stay in your own Vacation rental for free for a period of time (add this to your agreement)Make sure of their abilities, don't rent to someone that this is their first attempt at a STR.You have little risk in this scenario.Get first, last months and a security deposit to further minimize your risk and screen them like you would a normal tenant.

How does this affect the ability to pierce the corporate veil? 

Our main concern is our ability to pull equity as our strategy for growth stands on that feature. 

Does your township have the ability to cite your tenant with a violation? 

I'm trying to find out starting off do I need to have business cards and a simple website going to increase my ability to get deals. 

Your ability to scale is definitely going to be easier with this method.

@Jeff Faulkner  Yes, you need a lot of capital to turn the BRRRR engine on, but it's usually done via hard money loan to which you hope to renovate and get stabilized as quickly as possible to start the timer on your ability to refinance.