Learning things like the real estate vocabulary, sales scripts/tonality/processes, KPI's, acquisitions, evaluating deals, etc.

Job situation currently:Quick background, running an IT business for 3 years now, makes about 150-250k gross per year, struggle to find the right employee to help so it takes my time m-f 8-5. 

And, even if you could find an appraiser to do an evaluation, it's not clear how that would help you.As you state, the motel has been shut down for nearly three years, so there's no current financial data.But even if you had recent numbers, you're planning to operate it as a sober living facility, which I suspect is a very different business model.You need to find a comparable facility in or near your local market and develop your own customized financial analysis model based upon this particular property.Then, given your business objectives (cash flow and cash-on-cash return, I assume), you'll need to back into what purchase terms you'll need to achieve those objectives.Only then will you be able to determine whether these seller financing terms will work.As far as documentation to get started, a letter of intent (LOI) is commonly used but you might move straight to a purchase and sale agreement, particularly if no agent is involved.Whichever path you choose, just be certain to give yourself plenty of time to thoroughly perform your due-diligence.

This integrated approach helps mitigate risks and reduces the complexities of managing multiple service providers.As you consider investing in Memphis, you should evaluate the local market to identify neighborhoods with strong rental demand and growth potential.

I do understand this is just one factor in evaluating investment properties, but is there a “rule” or general number for price to rent ratios that indicate a “buy”?  

So, I would either work this through your brokerage if they do property management, OR you could become a W2 employee for the current building owners to manage their property without it impacting your license.

Also you can save a lot of money if pm has their own handyman employees and do not need to sub out all repairs. my experience is that STRs outperform LTR by enough to cover the PM fees, utilities, and additional furnishing costs but not much more.  

Here are some key criteria for evaluating a Cost Segregation provider:-  Seek out a Certified Cost Segregation Professional- Consider their experience with tangible property regulations.

It's also important to evaluate different loan options, such as conventional, FHA, or hard money loans, to find the best fit for your investment strategy.

Do I have to pay an employee a mgmt fee (myself?)