But I still have to recommend that clients get an inspection of course.

Our Recommendation: This decision is ultimately up to you.

I had this same convo with a lender a couple days ago.70% LTV DSCR or commercial were recommended options for stabilized property.

That is without the Santa Ana winds.They did make a recommendation to LA to install large dams or holding tanks for sea water high in the hills and pump from the ocean.

Most professionals will recommend a separate LLC for every $1 million in assets but I don't think that's necessary.

If you go in that direction, I highly recommend speaking with multiple franchisees from each brand before making a final decision.

But if seller was in such financial straights to have any risk of doing such, I wouldn't recommend getting into a C4D, there is other mechanisms of potential. namely, assuming the mortgage. 

Any recommendations on where to look in the Catskills?

If you have never completed a regular 1031 exchange I can not recommend a reverse 1031 exchange.

If you're going to make a lot of changes, I recommend consulting an attorney to ensure you're updated on the laws.