Underwrite for the worst you'll accept and then perform to your best ability to maximize over time.

We're looking to build something unique/contemporary with of course elements of the local area (mountain town).

Send the mom a bill for all the trouble.

Again, your situation is unique so understanding what lending is available to you once you reduce or elimnate your credit card debt would be a good step.The reality is you have the income and the ability to make this move and own multiple properties in 2 years...BUT...you need to make some sacrifices and hard choices for the next 2 years in order to get there.

So my conclusion was that the condo-hotels are more so set up for personal use, with the ability to offset SOME of the costs by renting out the unit while you're not there.

Think diversified income, ability to market effectively, no risk of OTA algorithm changes that have negative impacts, etc 

And apart from that side, assuming the project goes well, does the cost and profit share elements look fair?

Further, too many groups coming together can mean too many cooks in the kitchen and lack of the ability to execute the biz plan properly.You bet on the jockey first. 

So far, we've pieced along different elements of this (different tax person each year, no LLC to one to now 2 this year, haven't yet used a bookkeeper...)trying to streamline systems and have a solid foundation for our fairly new and growing real estate portfolio. 

By the time the project is completed, interest rates may also be higher, impacting your ability to finance your condo. 3.