There will most likely need to be updates to some of the furniture and probably the linens.

I made above market rate rent over 2 years and I vaguely can deduct how much they grossed and they were probably negative cashflow a little as the business became less lucrative but with all the nice furniture they invested, it should be either breakeven or lost money.

In many resort areas, there are furniture/case goods retailers that will handle all of this for you.

Plus trying to figure out and/or deal w/ damage on furniture is a nightmare.

Do you know what they would be doing about furniture? 

Besides what you've mentioned, here are a few additional common expenses to consider:Landscaping (especially if there’s grass or common outdoor areas)Pest control (sometimes needed for multi-family properties)Legal/accounting fees (for lease updates, tax filing, etc.)Vacancy reserves (for covering costs during turnover)I can assist in helping you find funding, LMK! 

It would be new furniture and updated appliances, but still need to think of capital expenses.Basic Supplies (tp/shampoo/paper towels) - $200 per monthCleaning - $250?

There is a billboard on site with lease in place. 2.5 acres total with outdoor parking and room for expansion.

This campus hosts a large Magnolia home goods store, high end furniture store, cupcake bakery, coffee shop, gardening shop, live music concert venue, large grass area with toys and balls for kids to play with, an open plaza with eight food trucks, a small baseball field (that Babe Ruth once played on and families can now play on for fun), a restored historic chapel (the oldest chapel in Central Texas), and six boutique shops with men, women, and children's products.

I still have not received furniture pieces that I paid for back in September of last year.