The building uses prefabricated modules (with a +/- 0.2mm precision in the fabrication process) mounted on a steel structure, with diagonal steel bracing.The hotel is so solid that it can resist a 9 magnitude earthquake, as tested by the China Academy of Building Research (there's a scene in which you can see the testing process, at 1:49).

And absolutely inform the tenants, with a smile on your face, that you know the previous owner was lax, but they will now be expected to abide by the precise terms of the contract THEY signed.

Yes, you can start them back up again eventually one way or another, but that takes time and money, which is ok normally so long as a high percentage of them don't stop at around the same time, which is precisely what can happen in a downturn.

@Alex Breshears This is precisely why my initial plan was to finance my first STR as a conventional loan for a vacation residence.

I did precisely what every entrepreneur should not do and hired friends (and family) and significant others of the friends and family.

This explains the high max offer.2)Rehab:Once you have the property under contract, I would seriously try to get some GC’s in there immediately to give you a more precise estimate.

Point being, investing is not an exact science, although the use of IRR is smart in terms of investment analysis and is one of the most precise analyses, at the end of the day you must fall back on your "gut" and intuition.

Bad advice from your tax preparer.Unless it precisely fits your situation, throw out the demand letter you received from escrow.

Normally I have more precise numbers, but with my computer dying I have nothing to review.

Hey Ryan,Thx for the welcome, I live in River West to be precise.