However, according to our By-Law/Master Deed, Garage is considered a part of "Limited Common Elements".Specifically, from our Master Deed: The Limited Common Elements of the condominium shall include any deck, patio, stairs, or garage to which there is direct access to that unit which is appurtenant to same, or any car port to which a Unit has been assigned....These Limited Common Elements are reserved for the use of the Unit(s) either immediately adjacent thereto or for the use of Units to which they have been assigned, to the exclusion of all other Units....Any expenses of repair or replacement relating to said Limited Common Elements, or involving structural maintenance, repair or replacement, shall be the responsibility of the Association, excepting for costs necessitated by negligence, misuse, or neglect of the Unit by a Unit Owner.One day, someone (not anyone I know) likely backed into our garage and crashed the garage doors.

I'm looking for a RE attorney in the Sarasota/Bradenton area (ideally) who can help me with LLC, partnership structuring and contracts.

If you are willing to do the work upfront as a landlord you will be safe long term with how the state is structured. 

I’m planning on maintaining the existing setbacks & building footprint so the structure will still be partially over the water thus complicating the raise & new foundation build.

The existing structure is about 3k sq ft and can be expandable to 6k sq ft (as per the listing).

I’m wondering how to structure my foundation.

You can structure the loan in the 3-4% with local banks if you have strong tax returns/financials/experience/credit.

I would probably verify with local zoning authorities as far as any structural changes needed to the façade of the exterior to allow for a separate entrance but that is likely not an issue in most cases. 

The key issue in structuring a partnership is correctly placing the risk for unforeseen events. 

A lot of things to consider; you need to make sure you have identified a market that suits you, understand its dynamic (net migration, economy, Crime etc...) and then have your criteria fully defined: What type of property, size, what is your business model, what perfs you want, how you are going to structure the deal (JV, Syndication)?