He's a very sophisticated owner and was the one who brought up the topic.As far as paperwork is concerned, it's no different than buying any property.

We realized that one of the reasons the politicos were against these was the perception that they are draining money from hotels, and reducing occupancy tax.

Hi @Jay Hinrichs - I see you're very active on BP, so I appreciate you chiming in.However, in your statement you make very many incorrect assumptions and broad stroke generalizations as they apply to my experience, financial status and overall understanding of the people I am working with.While I do appreciate the dialog with you I am not looking to debate incorrect assumptions and generalizations that may not apply to what I may or may not have & the sophistication of the folks I am engaging with. 

The perception by novice investors that they are somehow saving money or increasing cash flow actually has the opposite effect.Cash invested almost anywhere else than in a rental will normally generate a higher return than prevailing mortgage interest rates.

I just purchased Excel so I can have a more sophisticated and professional way to keep track of my rents received and profit/loss etc.

From what I understand, and please correct me if my perception is wrong, when you borrow from a hard money lender you are making interest only payments to them.

Hard Money lenders are usually more sophisticated and professional in the way they lend money.

I had a business recently that I had a bad run in with get ahold of me through yelp and completely changed my perception after they admitted their issues and told me what they had done to fix them.Great post @Christian Brodin

Sorry, after 18yrs I find that those playing the 'I can out negotiate you' game are difficult later, so if I don't volunteer pay, I don't have problems.I know that seems harsh to a tenant, but everything we do sets perception of who we are.

The point being all of the people in the drill were underestimating perception of closing speed and reaction time.In practice people are using fine motor skills.