Each potential buyer has come to their own conclusion that it would be too much hassle and risk to manage in this fashion vs a traditional rental even though the average cap rate in our area has been half that at best.

Then save up as much as you can and buy a small 6-15 room motel or partner to buy something largerHotels are really expensive to get into as well.

I know Virginia Beach is attractive but that average price for Alexandria strikes me as rather low.

RE is expensive

If you’re considering leveraging hard money lending (HML) for this flip, it could be a strong alternative to traditional financing—especially since HML is quicker to secure and designed for investors aiming to flip properties fast.With HML, you’re typically looking at covering a significant portion of both purchase price and rehab costs, which keeps more of your cash free for other expenses or emergencies.

They don’t provide any invoices for expenses and hold you at gunpoint so to speak.

If you’ve considered a cost seg study in the past but they were too expensive, times have changed and the fees have gone down significantly.

My smaller property averages $450 per stay (3 nights) and the cleaners charge $90, so they make more than a property manager would.

Recommend having an attorney review it to confirm.If the PMA has legally expired, then the PMC is in the wrong - although they may still have claims for covering the legal expenses.

If you’re looking at retrofitting to separate heating for each unit (like furnaces or mini-splits), you might be looking at a higher upfront cost, but it can shift utility expenses to tenants and improve your NOI.I’d factor in boiler age and efficiency when analyzing deals and if it’s near the end of its life, negotiate a price reduction or a credit.