You could turn it into a rental then 1031 it.. or like Michael said above you or your friend could buy each other out.

If you don't already know him, connect with Michael Cuevas with Acquire Palm Beach - he's a broker in LW/WPB that does a lot with STRs.

Michael, Thank you for responding to my first ever BP post!

@Michael P.

Quote from @Michael Vinson: Do they have the land, permits, zoning, etc. locked up for the new builds? 

@Michael Coco Thank you for the insite. 

Quote from @Michael Paling: Have you chatted with anyone local to your area about what's the best place to post?

Quote from @Michael K Gallagher: @Rob Ibarra Converting non restaurant space into restaurant space can be fairly costly from what I understand due to the need for larger than standard water lines to service the building and a general need for grease traps and other restaurant specific infrastructure.My first question around going from abandoned auto shop to kitchen is zoning, could you even get the use approved, and then are their any environmental factors in play? 

As Michael mentioned, there are several problem areas shown in the photos.

Quote from @Michael Caldwell: Hello- I own a single family home that is leased to a special needs nonprofit.