Hi Jason,Here's a few things I'd be mindful of:Separate Personal and Business Finances - get an EIN, open business bank account and use it exclusively for businessMaintain Documentation - keep records of all business transactions and contractsComply with Legal Formalities and Tax Regulation - adhere to all state specific regulationsIn terms of the STR and LTR, it's generally recommended to put them under an LLC by transferring ownership or quitclaiming.

Getting the COC% to meet that pref has become increasingly difficult with interest rates, rising insurance and taxes.

There is a number of threads about it in the tax forum. 

- Do you have a current need for that cash flow generated from the tax savings? 

Our syndication agenda revolves around acquiring discounted land, building single-family homes, and selling upon completion. what are the top 5 boxes you check when prospecting auctioned land at a tax deed sale?

My accountant asks me to talk to them BEFORE I make major money decisions so that they can help me protect myself from taxes.

You can sell both units to one buyer, but that buyer now has two properties, with separate tax bills, etc.  

(Lower rates, higher rents, and apprciation.) until then you get loan pay down and tax advantages to go wi the lower prices. 

Wouldn't this property now qualify for the 1031 program and defer your income taxes?

@Ane DeysI would not generalize all REITs as being equal and there are also a lot of private funds who did not go the REIT route as a reit, while having specific tax benefits is also required to be passive.