Charlie, looks like you are going to fund this yourself with personal debt and putting your exposure in the deal up to 170k. 

You get to learn and sometimes make mistakes with limited exposure. there’s great companies out there who’ll have your back as an employee every step of the way through the tough situations.

As well as moving from higher cap ex exposure to lower cap ex exposure.Cash flow may go down but when the other components of the IRR go up ( appreciation, depreciation, and amortization of the loan) your IRR goes to the moon and more than offsets any drop in cash flowJust make sure you stress test and can withstand any drop in cash flow.

Check with your insurance agent about your exposure, that might be a better tool than depending on local law.  

Rent a place from someone, limit your capital risk to a lease, to the furnishings and even there I say lease if possible at start to again limit capital exposure to risk at every turn possible. 

The development loans usually max out at $3M per unit and $20M of exposure including the horizontal. $5M is usually single-shot new construction.

Rate caps act as interest rate hedges to limit the borrower's exposure to rising rates on floating-rate bridge debt.Rate cap costs have increased: The cost of interest rate caps is tied to benchmark rates like SOFR.

Real Estate Investment Trusts (REITs)- Diversification: Invest in REITs to gain exposure to a diversified portfolio of properties without the need for direct management.

In which case, splitting out the rental portion of the activity from the operating portion would help reduce the exposure to self employment tax3) One is a qualified real estate professional for tax purposes...but wouldn't be a material participant in the hotel activity. 

To at least get exposure the the real estate side.