A wise investor will be conservative during the peak of the market cycle when prices are high and margins are thin (now), and become very aggressive during deflationary periods when prices are low and margins are high.Be adaptable, don't box yourself in, the game is long and ever-changing. 

I am well aware that I have no experience in this industry, and owner-operating a midsize franchise hotel seems a bit insane, but I am totally confident in my ability to adapt and learn.

Provide her your checklist on your investments and adapt. 

I'm new to the process and wasn't confident that month-to-month leases were legal in MA, but it looks like they are (I've already adapted one from my landlord association).

We remained flexible and adaptable to our sellers urgent situation, and made it a quick and easy transaction.

Consolidating the drivers and ranking in order of importance:Location/MarketTenant PoolInvestment TeamSpecific PropertyI will not go into detail on each driver but I will mention some important considerations.Location - the most important investment decisionThe location determines long-term passive income reliability, inflation adaptability, operating cost, risk, and the total capital required to grow your portfolio.

Or get a nice duplex.Just thought provokers, adapt to your needs and plans.  

My next step, I believe, is carefully pre-screening each interested tenant by having them fill out a rental application, but I do not know where to find a template application to adapt to my needs.Does BiggerPockets offer a form like this to its Pro members?

As rates rise and economic conditions (especially related to housing) become more uncertain, creativity and certainty in regards to both residential and commercial financing is critical to competitive offerings and adaptive solutions of successful real estate transactions. 

This election is used when a project that would normally need to be depreciated (BAR projects - project that Better the property, Adapt the property to new uses or Repair the property back to its original state.)