Owner-occupant loans will give you the lowest down payment options.

Quote from @Jonathan Small: @Luke H. what did you decide to do with this deal?

Most owners are local and therefore “hot” money or out of area players are not yet chasing Pittsburgh assets, keeping prices favorable.References United States Census Bureauhttp://www.cmu.edu/news/stories/archives/2017/august/economic-impact-report.htmlMarcus & Millichap 2017 Multifamily Investment Forecast2017 Commercial Real Estate Trends Report by Integra Realty Resourceshttp://www.pittsburghmagazine.com/Pittsburgh-Magazine/September-2017/Staying-CMU-All-Eyes-on-Carnegie-Mellons-Future/http://www.nextpittsburgh.com/features/pittsburgh-developments-watch-2017/

Have you decided on what your main focus and goals are?

We wrote into our purchase agreement that a separate septic agreement needed to be drawn up and attached to the recorded deed for all future owners which protected us and the other home owner,  and will make it easier to sell in the future with that in place. 

Go to your town clerk, and look up all the information on the loans on the owner and the property.  

I'd have the PM send notice to the tenants that it was brought to the owners attention and they've waived the fee and thank you for being good tenants.

What is your average work order cost for the owner?

I will insure the property as a non-owner occupant. 

Some hotels actually have a condo like structure, where people can own the units, but perhaps are limited on their personal use to only a certain amount of the year - the rest of the year it is in the rental pool managed by the hotel.If numerous room owners stopped paying their bills, you could get tax liens on numerous separately owned units.Hotels are a tough business, an issue I also see come up with them often is that they require refreshes, expensive and relatively often - at least once every 10 years, if not more often.