Taking a deposit to secure the deal can be a good option, as it shows the buyer is serious and committed while also giving you the time needed for the 90-day rule to clear.

What is the standard option and earnest money in your area?  

Any insight into the kind of options we may have for something like this and how qualification for a small hotel differs from residential conventional loans would be extremely helpful.

That $3,000 is typically the annual cost for a full service property management option. 

There are people who buy a longer term (12 months or more ) OPTION giving them a RIGHT to purchase a subject property, at a certain price, within a certain amount of time, and attempt to either sell the option for a higher price or close on a simultaneous purchase and sale to an end buyer paying a higher price.  

FCI, Madison, Fay, and a few others are servicing options. 

so, to recap, you need cash for: down payment + closing costs + holding costs.for a new investor, a live in flip might be a lower risk option than an outright flip. 

New construction can be a very attractive option in certain markets.

Some critical areas to clarify include:Marketing: How do they advertise vacancies, and what platforms do they use?

I have saved up some money but my goal is to save up at least 20k in a year before I start looking for options on house hacking in a duplex.