Read some studies (but consider who paid for them and their motivation :-) And cities like LA, Seattle, NY cannot blame the vacation rental market for their housing problems, those are the result of failed policies by years of leadership....Vacation rentals have many benefits over standard rentals that you might consider a) they open up areas to vacationers that would ordinarily not be accessible (not everyone wants to stay in a hotel district).b) they almost always improve the neighborhood they are located in - the house, inside and out, must always be in near-perfect condition in order for the landlord/host to stay in business.

Has anybody done a conversion from a hotel to multi family?

We had to stay in a hotel for 2 weeks which was unexpected but that's covered under the $10k.

Last week we closed on a 32 unit hotel that we are converting to an apartment building in Craig, Colorado.  

My goal is to build a small hotel or rental complex right after.

I am trying to convert hotels (high cap rate) to multifamily (low cap rate).

It is definitely a worthwhile pursuit but you have to remember you are running a mini-hotel service and is definitely more management intensive.

I’m not a fan of hotels so STR was a blessing.

The best and simplest concept to understand is hotels.

I am a commercial real estate broker that specializes in hotels, so while the job provides me with a nice annual income, my income is inconsistent.