I highly recommend someone setting up your books if you do make the transition.

This building sounds like an idea property to work with a local 501 c three in order to do some form of transitional housing...a win win for the community, and a way to distinguish your company as altruistic and caring, which I also will assume.  

Grant it I am still brand new to real estate but I feel that if your an investing looking at doing STR's you should be looking at properties that would transition well into long term rentals as well.

OTHERPartnership DocumentsOrg ChartLLC's and Entity Documents, SPE etc..Partnership EINProperty Insurance Set UpProperty Management AgreementBank Account Set UpProperty Ownership Transition YARDI, RESIDENT LEASE FILES & GOOGLE DRIVE SET UPLease Agreements and Rent Increase AuditsResident(s) Contact WorksheetCurrent Rent Roll AuditGarage/Parking Space Assignment per Resident AuditGoogle Drive Set upUtilities Folder(s)Service Contracts Folder(s)Floor Plans & Site Maps Folder(s)Etc.

For your strategy, I think thats a good one and that's what I am hoping to transition too in the next few years.

In particular the refinance component of transitioning from the short term financing to long term permanent financing.

The one issue I’m having is the flooring is going to be about 1/4 inch higher than transition strip between the bathroom.

Third, having it serviced by a servicing company, so accurate records are kept and transitions are smoother.  

@Jacques Bailey, This is indeed a transitional time in the market. 

if the local gov is making major investments, does it indicate the area is up and coming / transitioning ?