I am looking to purchase an extended stay hotel. I would like a book or program recommendations in order to learn how to purchase and manage the extended stay hotel. Thanks for any help you can provide! 

Do you ever see signage near the road that says "we buy houses" call that number and have a conversation!

Dial in your buy box, then be swift/actionable when ready.

We lend up to 75% of the ARV but most people are buying and rehabbing well below that from the investors I have been working with.

With an owner-occupied loan, you can buy a house with 0-5% down and get 30-year fixed rate financing so you're not dealing with adjustable rates if rates go back up and not dealing with a balloon payment in 6-24 months which is plenty of time for an experienced investor but not a whole lot if you're new. 

This is especially true if you're trying to buy in the best location possible.

It seems you're exploring Rehab Financial Group for your BRRR (Buy, Rehab, Rent, Refinance) strategy, which is great!

Then I think I will buy my first out of state property once I'm ready.

When I worked with a property management company, we had someone buy a unit (single family) that had a STR and marketed it as a STR.

But there are tons of areas where you can buy that are not in an HOA.