Security Deposit: Follow Oregon’s rules—return deposits within 31 days with documented deductions.5.

Quote from @Rafael Ramos: I would focus on a newer build in a nicer market with a proven history of appreciation.

Looking forward to following your progress and seeing how the project unfolds.

Having a good agent that has a proven track record with Condotels is going to be very important for you and should be able to help with many of these questions. 

Not sure if I follow Ideally we get something that has a good structure but is outdated and needs TLC. 

I also suggest you be leery of following well intended guidance from those unfamiliar with the rules of your jurisdiction/state (and why I address statewide rent control ordinance but state I do not know if your jurisdiction has more extreme rules).  

I’ve been following much of the research you suggested, like inspecting the property and assessing comparable homes in the area.

Email Follow-Up – It turns out your email landed in our spam folder (screenshot attached).

No stone unturned in one easy to follow place.Well, based on what you're looking for I've mentor more than a few from here'. 

I follow about ten forum topics, but I'm only on once a day.