Additionally you can do a cost segregation study and get a lot of depreciation benefits to offset the rental income (and potentially other income).  

If you buy for $110k you can finance $88k if you come out of pocket for the $22k down payment plus closing costs. 

That's three months of mortgage and utilities, the cost of flooring, and the cost of painting.

Hotels are the baby of real estate investing and running a business.Unlike any other commercial asset class, hotels are extremely labor-intensive to run but can spit off ridiculous cash flow.

I just couldn't justify the cost of the program right now.

Even if it was $100k, 32 units would cost $3.2mm to build.  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

@Joseph BinkowskiDon’t forget that you can now be qualified as an accredited investor by passing the series 65 exam without any income or net worth requirements.It will cost you around $200 to $300 and will be valid for 2 years (unless you can park your license with a financial advisor firm, then it will last as long as you maintain it).It is not a difficult exam and you should be able to pass it with around 40 hours of self study with a good prep book or website.

What costs/fees should I look out for?

If you are going to raise equity, you appear stronger if you can originate bank debt at a lower cost than alt. lenders.