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 am close to where you are.

It was in our list to potentially expand our portfolio, but we already have 3 properties close to the shoreline....perhaps one day.

For a hard money loan, you have to close in an entity, it also helps with your credit being the mortgage is not under your name, with a 700+ credit we can usually get you 80% LTV on a purchase.

I've been here since the beginning, or real close to, and am happy to help you navigate and learn the site.As for where to invest, it depends on your goals, your tolerance for risk, and how much control you want.  

I wondering if I can deduct any of the repair, closing cost and deprecation on taxes. 

House hacking in Chicago can be a game-changer—letting you live for free (or close to it) while building wealth through real estate.

The hang up is getting deals formally drawn up.One idea:- I buy the property and pay 25% DP, then they provide capital after the closing and I pay them P&I over 5-10 years.

What's left is simply $ to close (HML easily solves that) getting the vendors to do the "simple stuff" (pick your platform; Angie, Neighborly etc etc) and than to sell it (more agents than one can count happy to list). 

If it's a QM you won't be able to close in a business entity like a LLC, although in some cases you can transfer into an LLC after closing.