This is very much a "start from scratch" propersition.First question - Small brokerage or big franchise? 

This is important because I believe we are getting ready to enter a round of foreclosures and we want to be in a position to pick up prettier properties than we purchased last go round.We are also working on converting our PM business into a franchised brand with Property Management Inc, that has a support structure not only for residential rentals, but also for short term, commercial, and association managment.  

That's fixtures, upfront costs, working capital, and reserves. have you looked into a franchise model?

@James Poe I own a Property Management Company in Virginia, but our company also has a franchise in that area.

I recently started my own property management company, but prior to this I was working underneath a large franchise.

@Eli Frederick and @Sandy Sciales I have no experience with this but I'm anxious to hear how it works out for you.I know our franchises market to these properties because they believe there is value there.

I currently am employed as a Franchise Business Consultant in the Twin Cities area.  

The things a broker can do that an agent cant; open their own firm/brokerage/franchise.

Hotels are a business and real estate hybrid - and if you look only at the NOI, you can get burned.I would want to know the following before having a discussion around acquiring:Is there a brand affiliation, and how much longer is there on the franchise agreement? 

I've read different story about franchise fee (some said we have it, some said it was changed).