And it doesn't seem to spoil the charm for couples on a romantic getaway.We've been able to raise the nightly rate 2-3x with better occupancy. 

On the other hand, I am aware of a few students who thought they would start out small and work their way up, but realized that their first deal could very well be a 60+ unit apartment complex.

It's likely you'll be able to raise the rent as well with the upgraded unit and you can look to market it during the time of rehab. 

LOL.Here raises great point--here are some considerations1) Figuring out how to advertise on Zillow - mentor can help; take 20 to 30 well lit pics with no more than 1 thing on any surface!

Still lots of work to do on the house and the “book” I still have to figure out what to do for it (paper/digital/both), and a few more things I probably am not yet aware of … reading on this forum and asking questions sure has helped out a lot.

One of the LP just emailed me and said they are raising 65k to enlist help from this company.

Any legal issues I should be aware of in this situation? 

Some lenders would raise the 20% with private investors through PPMs or unsecrued notes bank does not allow junior loans.

I've got a long term tenant lined up & the unit is a non smoking unit, which the applicant is aware & fine with for indoor.

Anything I should be aware of?