Our closest competitor in Smithfield has achieved an ADR of $140 and RevPAR of $105 in 2022 and 2023, leading us to believe that a new mid-scale extended-stay property can achieve similar numbers.We welcome any insights from those in the hospitality industry on any aspect of this project.

There's a saying in the industry that 85-92% of the "developers" out there don't really know what they are doing. 

As long as you like your job and/or industry and could do it for the next 15 years, what you are doing would work perfect for your plan.As you gain experience, maybe you can move into more units per purchase or start to BRRRR.

@Patrick IrishThere is no wiggle room and no partial 121 exclusion for you.

Or you just interested in getting to know more about the industry.

I certainly never signed anyone exclusive rights to be my insurance broker unless the management company is taking a very liberal interpretation of general wording in the management contract.  

The one thing we all have in common is that we LOVE what we’re doing and love the real estate industry.  

Tough to beat this answer from @Michael PlaksYou can also check out these two recent posts that walk through Section 121 Exclusion and 1031 Exchange guidelines and strategyHow Section 121 Exclusion and 1031 Exchange works: https://www.biggerpockets.com/forums/51/topics/1195208-1031-and-sec-121-experts-want-to-sell-rental-but-tax-worried What not to do if you don't meet the requirements for Section 121 Exclusion and 1031 Exchange:  https://www.biggerpockets.com/forums/51/topics/1195383-5k-for-cap-gains-tax-opinion-quote-that-reasonable ...

Because if not, now you are reliant on contractors and such, and there is a significant learning curve in this industry just around how to manage them and not get exploited or ripped off.  

We have a few clients using AI for other industries such as mortgage, insurance and home services as well.