Giving potential partners an option.

so, to recap, you need cash for: down payment + closing costs + holding costs.for a new investor, a live in flip might be a lower risk option than an outright flip. 

As a rule, I could argue to have the IRA (Roth preferred) NOT hold property, but control is with options, leases, etc, so the profits come into the IRA.

New construction can be a very attractive option in certain markets.

When house hacking, consider the area's average rents, property values, and financing options, such as FHA loans or conventional loans, which may require as little as 3.5% down for multifamily properties (if it's owner-occupied).

If you don't have free cash available that limits lots of options, but if you do, that is another story. 

Any insight into the kind of options we may have for something like this and how qualification for a small hotel differs from residential conventional loans would be extremely helpful.

This means that if the bank forecloses, and you can’t pay it off, you will lose all of your money with no recourse to anyone.One option to secure your loan is if one of the partners has a free and clear property worth significantly more than your loan.

If house hacking isn't the best option for me, how would you recommend starting out to build up some investments.

Taking a deposit to secure the deal can be a good option, as it shows the buyer is serious and committed while also giving you the time needed for the 90-day rule to clear.