Add that to the $1.2M and we get a total ask of $4.7M.The $400,000 in earnings could not support that debt service and he was unwilling to lease the real estate to the new buyer. 

@Chantelle LewisRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

or need to get texas license? 

I'm sure AHP will get back on track as we get through this pandemic!

What I've had clients do in the past is make an offer without a financing contingency where they tell the seller that they are getting a mortgage to close the deal, but also provide proof of assets to show that they can/will close by liquidating the assets if the loan gets declined.

I think about this often, its really just running the numbers - if you borrow 100k at an 8% interest rate, will the investment get you more than an 8% return?

Loans like this can be useful or very dangerous, depending on how you manage your business.The ideal situation for a loan like this is when you have a property that will take a while to get up and running. 

Alternative is to get a board certified real estate attorney to assist you.

You can contact some local property managers and get a better idea of the rental market.

One challenge was getting the hotel occupancy up after renovation since no one had booked or stayed in years so there was no existing guest base.