Hi @Eric Piccione, I would make sure the numbers work both with a STR and an LTR just in case regulations change and you can no longer run a STR.

Also they are under the rules and regs of the IDFPR (Illinois Dept of Financial and Prof Regulation). 

LOLThe structure you can use is an LLC, which has numerous advantages over having each party listed as a lien holder on the note itself.  

You may need a private placement memorandum or other documents to comply with SEC regulations.

Check your local regulations to see if the rental operations you have in mind might be limited by local regulation, like BNB activity.

As real estate agents, we embark on numerous journeys to meet clients.

If any of you know the legality around this, HOA regulations, any helpful documents, advice, pricing estimates, or contractors you recommend for a job like this, I would love any advice I can get. 

We are approaching lenders, hard money and banks, who have said numerous times that "commercial would be a tough first project for you. 

I think that doesn't sound like a bad idea at all, assuming there is a demand for airbnb in your market and that regulations are in your favor. 

I have been told that Centennial has no regulations at this time.