Think it would be a great place to connect with other management operations and partners to bounce ideas, connect and potentially expand operations, etc. 

Request a detailed list of documents and information from the seller, including financials, leases, contracts, capital expenditures, surveys, environmental reports, open permits, and the Certificate of Operations.2.Physical Property Due Diligence.

But if it doesn’t work well as a regular bank account (bill pay / same day wires etc) or is difficult to use might not be the right fit for using it as your primary everyday operating account.

THIS CONTRACTOR MAY BE OPERATING WITH OTHER CURRENT LICENSESBusiness Entity NameAZ Contracting Group LLCCity and StateTempe, AZ, 85282Phone(480) 239-1066Status / ActionRevokedStatus Last Changed On:2021-07-27Name : Pace Jordan MorbyPosition : MemberOther Positions : MEMBER7  Disciplined CasesADDITIONAL COMPLAINT INFORMATIONTYPECOMPLAINT IDOUTCOMECLOSED DATE (IF CLOSED)Disciplined2019-04542Legal – Revoked2019-12-09Disciplined2019-00552Legal - Revocation2019-07-08Disciplined2019-01410Legal – Revoked2019-07-26Disciplined2019-01649Legal - Revocation2019-09-03Disciplined2018-05708Legal - Revocation2019-04-25Disciplined2018-21Legal - Revocation2019-04-25Disciplined2018-4172Legal - Revocation2019-04-26

There are lots of people operating illegally and you can find them advertising properties illegally all over the BP Marketplace. 

What should I be doing during the inspection period, especially operating remotely? 

I’d love to hear about the red flags to watch out for, so I can hopefully avoid the same headaches.For me, clear communication and transparency upfront are key, but I know not every lender operates that way.

To add additional context,  I would personally be more willing to sign my name onto a $6M mortgage collateralized against a $10M asset in an "A" market that has historically low vacancy rates, no deferred maintenance and is located in a stable market with a rent roll that covers the debt services and operating expenses with reasonable cushion for reserves than sign my name on a $90,000 loan collateralized against a $100K property in a C/D unstable market with high vacancy rates and where capex will disproportionately impact operations.

They may seem attractive on a spreadsheet if you are chasing cash flow, but the fundamentals are not as strong and these properties are  disproportionately impacted by capex and operating costs.

I will be managing all booking, renovation, and maintenance operations of the STR (besides mandatory front desk operations, and cleaning - required to be run by the Hotel).