I do own two triplexes in Scranton, and I will say the one issue is that you are going to be taking care of the utilities normally if they are not on separate meters, which could take a good amount of money away from your overall cash flow. 

You can attend all the REIAs and read all the books and sign up for all the conferences, and spend all the money, and you are will never really know you can do it until you do.Over 20 years in real estate in various forms and roles, action will beat out intelligence or education or even network 100% of the time.  

Sure it does. but depending on who the celebrity is/was.....That's why so many little hotels, boarding houses, vacation rentals, etc..... feature this in their advertising.And in some cases, you will not get more money, but you will get more guests.A little while ago, I went to Tombstone AZ and stayed in 'The first boarding house in Tombstone'....really cool place but kinda small and, well....old feeling.

The predicament we are in is the property is not in the condition to charge that much for rent and we would also leave a lot of money in the deal once we refinance if we cannot get in there to fix it up.

Unfortunately almost every franchise involves renting the occupied space when the property would have made more money than the business.

We are considering stepping in and trying to buy the place, but looking for some guidance on STR and what kind of money this place can bring in. 

The expert you are looking for is called a Land Surveyor, they're going to want 5k-15k, if you want to make any money on your project you need to build a house so you also need an architect, they will want 10k-50k, if you're in a hillside zone you will also need a geologist, they're going to want 10k, you will also need a biologist, they're going to want 2k-5k.

If they aren't charging a pre-disclosed & agreed upon Markup - they are probably hiding something to make money for their time.Good luck!

You won’t find many seller-financing deals here, so if you're looking to scale quickly, your next best option is the BRRRR method—using cash or hard money to acquire properties and DSCR loans to refinance into. 

Good morning Carl, @David Krulac is right on the money.