I am currently working with Luis Vasquez at Lone Star Bank on a commercial blanket cash out refinance.

David Willis - Lone Star Land Law

In my opinion (and As Brandon Turner would say), you're a rock star ... i may be missing something but i'd say what you're doing is any investors dream-   Are there many areas of the country where you can rent <1000 square feet for $2000+??  

You're definitely one of the rock stars I mentioned above! 

I will say that every furnished place we have looked at needed some major updates to bring it up to our 5 star standard.

An All-Star sponsor will have full real estate cycle experience like that, and a history that you can look at.

Working with a good team of real estate agents and star wholesalers will be key in achieving deal flow.Finding deals is not as easy vs. 10 years ago.Another crucial component is having a commercial portfolio lender who can refi your money out. 

The Motel is the only apartment/lodging within 20-50 miles in each direction and 11 hours from Dallas Fort Worth, Texas. 11 units total with 10 flexible apartments and lodging and 1 unit for Management5 one bedroom or suite units with separate living room, kitchen and dining area2 studio apartment units with two double bed overnight units and one single bed overnight units4.3 Star Trip Advisor Rating -- 23% repeat businessTurn KeyTerms: Owner Finance - No Qualifying Loan for SellerPrice $350,000 w/ Down Payment of $50,000Interest 5.5% for 40 YearsPrincipal Pay Down - $10K or less = +2%, $10K plus = +4%, $20K plus = +4% (For example, I put $10,000 towards Principal and receive bonus of $10,200 applied toward Principal.)Income: Gross Income for 29 months (6/2015 - 10/2017) = $168,888.00Total Expenses for 29 months (6/2015 - 10/2017) = $81,200.00Net Income NOI for 29 months = $87,688.00Monthly Net Income = $3023.00Annual Net Income = $36,284.68 (Average for 29 months)*Gross Income for October 2017 = $6987.00 (Sturgis Rally)Gross Income from monthly apartment rentals @ $599/month per unitGross Income from overnight rentals @ $68/night per unit *(For 2018, raised to $73/night)Monthly units @ $599/month have been as high as 6 units per month, yet varies!

I just met with the U-haul representative for this part of Virginia and he says they always want a 4-star location as far as VPD and high visibility. 4.

We have to do a little work here with the surveyor, city, utility modifications, adding driveways , flipping garage doors but if I can do this, it will really optimize the value of the investment but I will have have to have the stars align so will see how it goes!