We will choose our general contractor based upon reputation, references from my own commercial construction contacts (I have held a LA State - Building Construction license since 2001), their solvency, then finally their proposed bid.

Start going to local real estate investing meetups before choosing a realtor or a lender.

NOTE 2: if we choose NOT to upgrade the rooms, the units can't be in the hotel's pool of units to be rented out to guests.NOTE 3: right now, I'm losing about $1,500/moMy gut tells me to just get rid of this unit at a loss but I have a few questions I'm hoping someone can help me with (so far, I've asked some RE professionals I know but they don't have any idea).1) If I was to pay the ~160k for room renovations, does this mean the room increases value by at least that same amount? 

You make suggestions and he chooses his path.  

I’d choose a town of 50,000 over a town of 15,000 any day.

We're dealing with a potential character change of the income or exclusion all-together. 

If I do not win or choose not to bid, I get back my $100 plus 27% interest (9% x 3 years). 

If you end up choosing a market in the Raleigh area, please keep me in mind. 

I have not done it in MN but if I had to choose 1 it would 100% be Airbnb.

Either a lender or an agent is going to want to feel confident that you are working with someone on the other side that will actually be able to help you and will get the deal done but as long as the professional you choose has that ability there is no reason that would increase/decrease your relationship with them.In terms of the credit check - this is important.