Although it is generally true this was a condo hotel and therefore was indeed licensed for it.

As far as tips on building capital for a downpayment--maybe get your real estate license? 

I have heard that Flagstaff has specific regulations for STRs, including licensing and permit requirements.

In my mind most folks would be way better off getting a RE license and getting paid to learn like I did.. instead of hiring someone they dont know who they have no idea if the information is credible or not.  

The property is listed with a licensed professional real estate agent with an in-house network and a network with the MLS service, Realtor.com nationwide, and perhaps a number of other sites.  

I'm currently 17 years old in the Aurora/Denver area and will be getting my real estate license in July!

make sure you have cash reserves. as soon as you sign, you could give them a 60 day notice of rent increases. documentation of the owners lease agreements with each tenant & rental payment history. you could sign a 6 month lease with everyone to see how things go. licensed & bonded contractors, someone who can take accountability- you can send an email too if something goes wrong (the boss).

I can very much relate to that.I have a daughter who is a total entrepreneur, runs a gym and is a licensed boxing instructor in Barcelona-she is also a bee keeper.

Im only licensed in HI and WA so not trying to get you to go with me, just giving some advice! 

I only lend in states in which I do not have to have a license in order to lend.