My suggestions would be in this order:(a) Determine the type of financing you qualify for - this will short cut the process considerably and save time on investment angles and next steps.

Also if a unit is renovated then the rent can be increased by a considerable amount. 

This advice is also assuming the deal is turning off some kind of cash flow or at least drawing even after all expenses.

Started with a structural engineer, hired them for drawings, the whole bit.

I attended a Jerryll Noordan video call just this morning and I left the call feeling totally mislead and concerned about the integrity of the marketing tactics being used to draw investors like us to the video sales calls.I was on Facebook last night and, for the first time, saw Jerryll's ad and clicked on it.

However, I don’t have experience with motels, and I know they come with unique operational and financial considerations.

One draw back OSS it’s about 5 hours away from me so I would have to a local PM to over see it.

However, short term rentals are much less passive than long term rentals and are essentially a hospitality business, which is in and of itself required a whole additional layer of knowledge and expertise.With regard to your question about private lenders, it’s important to draw a distinction in terminology between “private” and “hard money.”

I can imagine it is considerably more work as well as I plan to manage myself.

Id go right into looking at local credit unions and small community banks for HELOCs (lines of credit) so you can have a lower blended rate and draw/payback as you please.For the 3F - Since this is free and clear, you would only be looking at 1st position options here in the world of financing.