I suggest creating a list of questions that are important to you and start asking!

Here are some suggestions to help you secure funding and move closer to realizing your vision:1.

I would love to hear more, and dive deeper into suggestions with a little more info.  

I would suggest a good PM to start if you don't have a solid background in hospitality or at least something in the service industry.Self-managing can save a ton of money if you know what you are doing. 

Instead of putting your whole venture at risk through a single partner, I suggest you build a team of employees and develop solid succession planning.

I spent the prior 18 months obsessing over the markets, reading every book, diving into a massive rabbit hole with mobile home parks, and ultimately decided that in 2023, I had done the research that would suggest this journey is an absolute certainty. 

For someone looking for diversification or steady long-term growth without getting too hands-on, your suggestion of buying and upgrading a rental property in a familiar and appreciating area makes a lot of sense.

@Kareem Hammad With that amount of a down payment, I'd concur with @Julia Lyrberg suggestion about house hacking and expand from there. 

I would suggest making some calls.

This is after all construction in Los Angeles, if you've never done it before add 50k.If you have $500,000 in cash I suggest you use it elsewhere, this years long headache is likely not worth the 1000's of man hours you will also have to put into it running your very own team of scientists.