Also, the sooner you can plug in actual numbers rather than projected, the sooner you can determine whether specific deals work or not.

This is where good tax planning really pays off—not only can it help you maximize these benefits and reduce your tax bill, but it can also help determine if paying for cost segregation is even worth it for your individual tax situation.

Buying multifamily is not about what the seller did but understanding what you can do and how much it will cost you do to it, then determining if the financial reward is worth the effort to undertake it.  

Determine how much money would be needed to handle each risk, and determine if you have sufficient liquidity / cash flow to ensure you can “stay in the game”.This is of course in addition to all normal “due diligence”, financial forecasting, etc. 

My understanding is that Encompass doesn’t specifically ask the dreaded student housing question on their app (I certainly have no intention of lying on an app); however, if I’m understanding you correctly, it sounds like regardless they reserve the right to inspect in the first 60 days and cancel if they determine it is a student rental?

Yes don't split it as that is making a determination that they are owed it equally.

@Kyle SouzaDepending on the capital you are trying to borrower will determine how you may qualify. 

I would determine what the overall look and feel for the STR is going to be and let that dictate what you do.

First determine what type of syndication you want to invest in.

As you probably know commercial lending on CRE is not the easiest task right now, then add all the complications to it...foreign buyer, new LLC, new bank accounts, etc and that probably cuts out a lot of lenders who will be interested.Also find out what their goals are to determine if what they want is even feasible.