Whether you choose to flip or explore other creative ways to build your portfolio, trust in your skills and knowledge—you’ve got this!

It is very important to choose on or close to the beach or sea.

It's important to choose that one and commit to using it.

Then once seasoned, come back cash out refi into a lower rate and repeat if you choose to do so.

I get well compensated for working, so I choose not to self manage the STRs.  

I looked at several different bookkeeping platforms and ended up choosing Baselane.

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.

At that point you can choose to end your professional relationship with Peter and his company or you can choose to keep him as business partner for future deals and have access to all his resources such as investors, lenders, etc.

@Megha Mathur You can find DSCR loans without a prepayment penalty, but there is an "interest rate penalty" for choosing that option.

The 2 main reasons for increase were as follows:-Many carriers have moved out of Colorado or no longer offer coverage for HOA communities, so there’s a smaller pool of insurance companies to choose from.