I have a pro forma  using very pessimistic occupancy/booking percentages (worst case scenarios) which identify a very nice cash on cash return, and the ARV will (again, pessimistically) be at least double the purchase+rehab costs. 

2.Create a direct booking website and set up an escrow account where guest payments are held and disbursed to the property owner and cohost according to agreed terms?

How can you possibly believe this based on your own experiences thus far in the transaction and what others, particularly what Drew who has experience in this market has told you?  

Appreciate if anyone can provide a rundown of costs to expect with this type of transaction?

I'd also recommend diving into books, podcasts, and even attending real estate events to start learning more.Here:Learn the Basics: Study property types, financing, and market trends.Network: Attend events, connect with pros, and build relationships.Find a Mentor: Seek guidance from someone experienced in commercial real estate.Start Small: Look at smaller deals or partnerships to get your feet wet.Take Action: Once ready, start evaluating deals and making offers.

STR and MTR are basically full time jobs when you're booked.

If you are not starting from a very strong financial position and you do not have the ability to quickly stockpile cash quickly from other means then I definitely agree with that statement from the book.

He also has a book coming out in a month or so focused on passive investors like me.

Hey Laura,Not sure if you are still looking to partner with a trusted title company in Central PA but we have used Capstone Land Transfer for 100+ transactions and loved the experience.  

I saw someone post in a group who I think is a schmuck brag about hitting a specific figure for their training and I just shook my head - like wow - this person is a great sales person and just steals the same lines from the business book about working hard and throwing out some slick slogans - but man oh man - when real estate gets hard people move to being a guru - just look at FB ads right now - many are not funds anymore but how to raise money, how to do X.