I've learned a lot in my 4-year project, and it has been a lot of work.

First thing I notice is the big jump in ARV from the Total Project Costs.

Researching local job markets, schools, and even infrastructure projects can provide insight into potential appreciation and cash flow.You might want to explore markets in the Midwest or South, which often have lower entry points and better cash flow potential compared to California.

So, I’m curious how you are managing to find your deals, whether you are buying at auctions or via marketing direct to sellers.

Try interviewing at least three managers.1.

The great part about contacting the CDC directly (and a large one such as TMC) is they can make referrals to banks that would be interested in your project (i.e. banks that have been actively doing SBA hotel loans)...rather than you having to chase down the bank first, which can be very difficult.Regular commercial lending requirements are applicable (will vary by bank):1 - no bankruptcies2 - no foreclosures3 - FICO > 7004 - net worth >= loan amount5 - post closing liquidity >= 12 months of P&IIf this works out, you are going to be glad that you made this post.

I feel that MLS is not accurate because not all property managers put them in. 

if you have proper team you can self manage. are you local to the area?

On the journey, I once sold properties that were 30 minutes away as being too far, and also managed some properties that were 200 miles away. 

Property management vs. self-managing:Self-managing—at least in the beginning—can be invaluable.