It's old, has an old roof, and close to the ocean.

It's been gutted to the studs inside, has a new roof, and has a pool (needs work plus a possible expansion), with room for new commercial buildings to replace the ones that were demolished or for an expansion of the motel with either more rooms or a few condos for short-term rental.I'm considering selling a single-family home that I own outright in another state (Lake Havasu City, AZ) to finance this deal. 

We hired a plumber (that we have used for years) to fix a tub spout leak and toilet repair.

Roofs, Plumbing, Electrical,  HVAC/Furnace. 

I am thinking of getting a hard money loan, but interest rates are through the roof!!

Replacing pretty much everything... new roof, kitchen, bath, AC and flooring What was the outcome?

Even if, say, the roof needs replaced, but it isn't currently leaking and keeping you from renting the unit, then you can punt that option, at least for a bit.And I also second Rob's take on going straight to the contractors.  

I was worried about the slab foundation and flat roof.

I cannot tell you after buying a property how many things come out of the woodwork like roof repairs, electrical repairs, new hot water heater etc. 

In the words of famed real estate mogul / investor Barbara Corcoran:"If rates go down just another percentage point, that's what I'm hoping for by year-end, prices are going to go through the roof...Everyone will come out and buy.