I have lumber liquidators, home Depot, Lowe's, and who knows what else near me (central CT).

This conversion will begin at the end of the month.I am just sharing the above to give context to my level of experience with this type of investment.I look forward to hearing from you all.

Flip side, for a third of that you are trained to find properties using creative finance taking over existing low interest loans that cash flow and you are buying in decent neighborhoods with every day lunch box Joes that have kids and go to work and pay rent on time. 

Retirement accounts are designed to be invested passively so when the IRS sees you running an active business in it, to level the playing field between retirement accounts and other business the retirement account incurs UBIT. 

This seems unrealistically low for a 40 unit property.

Positives are proximity, low property taxes, no income taxes, no weather events, very low maintenance stucco/tile structures, “young” properties (5-20 years old) 

With the cost of utilities and the level of comfort people feel is mandatory now there is no way I would want to be on the hook for it. 

Good points.I'd add square, level, plumb - license, insurance, bond - using permits to follow codepointing out problems the owner doesn't realize they have that are serious. 

We are not likely to see rates that low again in our lifetime.

It’s inexpensive to provide but can make a big impact.Comfortable Bedding: Investing in high-quality mattresses, pillows, and linens improves the guest experience and leads to better reviews, which can boost occupancy rates.Smart TV or Streaming Services: Offering Netflix, Hulu, or similar services is a low-cost way to enhance guest entertainment and stay competitive.Fully Stocked Kitchen: A well-equipped kitchen with basic appliances and utensils appeals to families and long-term guests, saving them money on dining out.Dedicated Workspace: If your property caters to remote workers, adding a small desk and ergonomic chair can set your listing apart.Outdoor Spaces: If your property allows, an outdoor seating area, fire pit, or hot tub can significantly increase your nightly rate and attract more bookings.Energy-Efficient Features: Guests appreciate eco-friendly options like LED lighting, smart thermostats, or solar panels, especially in eco-conscious markets.Keyless Entry: A smart lock is a relatively small investment but offers convenience and security, which many guests value.If you’re deciding on amenities to add, it’s always a good idea to research your local market.