Your first clue will be how they approach showings.

And with price and rent appreciation in CA, we feel confident in the long term approach with these properties.

The sales comparison approach is typically done for residential real estate and will be less appropriate and come in under value because there are no good comps, and even an appraisal using the income approach (unless the appraiser is trained to do more complex commercial appraisals) is probably not going to be the most accurate either because they typically use market cap rates and in this case you don’t have good comparable income properties to find the market cap for the analysis.  

I'm a guy approaching middle-age, living in Chicago.

Since I have a long-term interest in getting into hotel investing, this feels like a natural stepping stone, but I want to approach it the right way.I feel like this is such a great opportunity, especially with it being off market.

Originally posted by @Tori Roy:How do you approach closing costs?

How would you approach this?

You'll probably get better service approaching it that way than hiring a professional manager anyway.  

It's always important to have contingency reserves and having a healthy contingency line item that's capitalized can greatly reduce cash during life of loan.Loan Administration:Remember construction lenders release for completed work and the borrower has to navigate the process by which the work is completed in order to obtain reimbursement.

When we do a shell, cost segregation is the best approach.