Another thing that annoys me is when people ask me where it is or what it's by when I have the block and street in the ad.(2) I've decided that I'm doing month to month leases from now on unless I get someone who is a superstar applicant or they've been there a year and I definitely want to keep them.(3) I try to get as few unneeded calls as possible so I put as many pics and information in the ad as possible to answer all questions.

You may end up with a gut rehab, electrical, plumbing, ADA standards, parking can be an issue and might need two restrooms.Small bungalows can be difficult to rehab to commercial standards, older homes will likely have asbestos and lead paint issues.If it's really cheap, the seller is probably aware of the potential and the issues, selling for residential purposes.

Check the ADA, Americans with Disabilities Act.

This can require a large investment in fire/life/safety, mechanical systems, elevators and ADA compliance.No established hotel with recognition...it always takes time to ramp up a new brand in a new location.  

Depending on the situation the landlord may (or many not) be required to comply with ADA guidelines and make "reasonable accommodations" for your disabilities.

What would it take to convert the house to commercial (ADA compliant, parking, etc.)

I have come close to pulling the trigger on the moving truck ad a few time, but I think lending it to my contractor has sold me!

They start small and see how desperate the person is for now money to take a lessor amount and settle for below what they claim is worth.Your unit even if the tenant recovers will not be ADA compliant so the odds of this tenant paying or moving back in is slim to none.

"Sorry we decided to go another direction" I usually put a test in the Craigslist ad as well just to sift through someone I wouldn't want to work with anyway.

hit your rate at  8.5/9.0 %. ad a loan fee of 1.0%  maybe a 1/2 %  admin fee.