When investing in high cash-flow markets, I always recommend working with an investor friendly agent so you're able to gain the right insight on the different areas and the risks involved.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Greg raises a good point about who you are getting involved with.  

While it may not be able to answer technical questions accurately like the number of days for a notice of default, it can educate you on the general steps involved and common pitfalls landlords make.Best of luck!

He's doing a clean BRRRR and refinance! 

The purchase and sale of a business requires a lot more personal involvement than the purchase and sale of real property.  

They both were up in the Glendale area for 15-20 years or more, and were very involved with the local business community.

so... clean-out and demo? 

As mentioned by @Chris Mason, Bridge Loans: These short-term loans can provide immediate financing until more traditional financing becomes available or until the property stabilizes and becomes more attractive to lenders.Interest rates and stipulations may be a pain.Out of the box here and requires a few more research, SBA Loans: Small Business Administration loans can be an option, especially the SBA 7(a) loan program, which can be used for hotel acquisitions.I heard someone  mention - Mezzanine Financing: it involves a combination of debt and equity financing, which might appeal to some investors looking for higher returns.

A clean-out at the property line is the norm around here.