I would only encourage you to switch your property to an STR if you really want an STR.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

Quote from @David Mancia: My Name is David Mancia, and at the end of last year I finally took the plunge and decided to contact RTR to buy my first out of state property, and I was contacted by Ms.

@David PopeYou probably inherited a 5.6% interest in a partnership which owns the property, as opposed to having a direct 5.6% ownership of the property.

However, I was lucky enough to be put in contact with our area hospital's HR Recruiter who has had a few of their corporate employees stay at our properties.

You really have too many things working against you on this particular property.

I think my property would be a good fit.

House Hacking with a TwistRent out rooms: Even though you're living in the property, you can still generate income by renting out spare bedrooms.

Then they will 1031 exchange into larger properties. 

@Zach Howard some copy & paste advice below:)-------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?