Regarding the location of the Qualified Intermediary (QI), it doesn't matter whether they are based in New Jersey, Florida, or elsewhere.

South and South East is less expensive, but you're not going to get the appreciation and my impression is it's not as good a tenant base.

Purley asset-based lenders are most likely going to be hard money lenders whose rates are typically going to be much higher.

@Kevin Connauton, I agree with you that although Pad Split is a great choice for getting the rooms filled, they don't cover all your bases in terms of property management.

I’m based out of Lehi, Utah, and have always been fascinated by the potential of real estate to create opportunities and build wealth.After spending time learning about the industry and what it takes to succeed, I’m ready to dive in and start making deals happen!

One challenge was getting the hotel occupancy up after renovation since no one had booked or stayed in years so there was no existing guest base.

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

Generally yes a HELOC will go off your personal finances so qualifying is generally based on your income, liabilities, and credit. 

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

A lot of investors who succeed in EC know the tenant base very well and a lot of them self manage.