Apologies in advance for the lengthy post but I hope it helps. 

I wrote a pretty lengthy article on some of these restrictions and how to properly structure the deal HERE5.

@Sam LaGrassa also since rates won't be going down in the near future, I would recommend locking in a long term rate since you'll be holding the property for a lengthy period of time, this will allow you to manage your expenses easier.

If you do decide to paint it, you'll want to have it done on a very warm day so that the vinyl siding has expanded along it's length.  I

That's a good way to collect a weeks rent and then have a lengthy eviction. 

Sorry for the lengthy post.

Lot more lengthy to type out it happens pretty fluid/quickly.

I have a lengthy Legal Opinion, from my seasoned Legal Team regarding this matter. 

You'll need to change the use from residential to hotel, which will require a lengthy process that includes physical upgrades and changes to the building.Basically the City wants the property to conform to safety standards for that particular commercial use.

I had lengthy interviews with the investigator and you simply cant advertise property you don't own.. or do deals for the expectation of compensation in our state.. so you cant make these blanket statements.. at least to these beginners on BP.. who you know the definition of wholesaling 99% of the time is to simply make assignment fee's IE commissions..