It also includes managing your existing investment well to ensure you aren't bleeding money due to bad tenants, excess maintenance, etc. 

With the right renovations, we saw it as an ideal project to maximize returns in a growing market, especially with our experienced partner, Seth Choate, by our side.

Then it likely takes hiring a GC to manage the project.  

I'm in Spartanburg and starting some new construction projects.

I’m in the process of managing 18 units and have a full-time job.

Would you be able to share what the general property management fees are on a AirBNB?

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.

I would like a book or program recommendations in order to learn how to purchase and manage the extended stay hotel.

My goal would be to start within 1-2 years and get some more experience with the construction process, project management, financing/budgeting, etc.

They could self manage for several years, using the rental income, until the next phase of their retirement.If they have a decent amount of financial discipline, they may want to get a HELOC now before they build to get the most favorable rate.