Brand new house.  

For a more general philosophy on hospitality, especially if you are going into the higher end STR space I would recommend Four Seasons: The Story of a Business Philosophy by Isadore Sharp about the founding and development of the Four Seasons brand. 

While I love the brand and have personally used them for the past 7.5 years, the dryer takes FOREVER when doing loads of bedding or towels.

Hoping others experienced similar with input to share, lessons learned etc.1) REFRIGERATOR: Brand new refrigerator was installed after tenant  maybe two-three years ago. 

For instance in the real world.. i bought 12 brand new constructions back in the Katrina days .. this was in the top county in Mississippi they ranged 150k to 225k each..

The dated cabins typically need more help than say brand new construction which now are coming with pools and other amenities built in. 

Invest with syndicators who have a narrow niche and proven track record.For example, if an operator has done 5 or 6 workforce housing value add deals in Dallas, and they are offering a similar deal now, that would be encouraging.if however, their current deal was a brand new luxury Class A building in Charlotte and this was their first acquisition in Charlotte and their first class A deal, as an LP I would pass.Find operators who do one thing and kill it in that space.Find operators who own or have gone full cycle with similar assets in the same market.For example, my firm, Spark Investment Group has a very narrow niche - sub 100 unit MF or BTR in Greenville SC.

But they even left the brand new most expensive BMW ( was trying to snag that :))  And my wifes client was an heiress with her trust fund and paid cash.

@Jeremy H Barton I would suggest taking a look at your cash flow before signing up for a HELOC on a brand new building.

If you go in that direction, I highly recommend speaking with multiple franchisees from each brand before making a final decision.