As mentioned above get involved locally. 

They both were up in the Glendale area for 15-20 years or more, and were very involved with the local business community.

As mentioned by @Chris Mason, Bridge Loans: These short-term loans can provide immediate financing until more traditional financing becomes available or until the property stabilizes and becomes more attractive to lenders.Interest rates and stipulations may be a pain.Out of the box here and requires a few more research, SBA Loans: Small Business Administration loans can be an option, especially the SBA 7(a) loan program, which can be used for hotel acquisitions.I heard someone  mention - Mezzanine Financing: it involves a combination of debt and equity financing, which might appeal to some investors looking for higher returns.

Vacancies hurt all parties involved!

All IRA-related transactions must be "arm's length", in other words, IRA can't get involved in any transaction with yourself, your immediate family members or any entities these individuals own or control. 

there is no bank, no mortgage, and therefore no due on sale clause.if there is a mortgage in place, and you take the payments over, this is typically referred to as subject-to or sub2 and is much higher risk for everyone involved.

He then says he is going to get a lawyer involved if i dont feel like i owe him anything.

Leverage magnifies return. 3) The effort involved in adding an ADU is comparable or larger than a rehab associated with a BRRRR.

Congrats on becoming a realtor and getting involved with BP.

.✅ Stronger Tenant Relationships – Being involved directly allows you to build rapport with your tenants, which can lead to better communication and longer leases.Cons of Self-Managing❌ Time-Consuming – Dealing with maintenance requests, late-night emergencies, and tenant disputes can quickly become a second job.❌ Legal Risks – Chicago has strict landlord-tenant laws.