It sounds like this is their personal residence.

It might help to eliminate the markets that you don't want to invest in to help narrow your search. 

Upfront expenses and monthly payments must be considered when calculating the return on your investment.EXAMPLEYou cash out $100,000 of your equity and use this as a down payment on a $400,000 investment property.

Hi Andrew,I've found this to be helpful to people I've helped with investment properties.

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.

This will give you a baseline, I.e. own the Main St project same thing as this one, and it cost me all in $125,500 to do the full rehab.

I suggest running an analysis and just sharing it here on BP.I am also happy to hop on a call and point you in the right direction based on some of my experiences- no matter what, keep at it...this stuff takes time.If you get a deal here in Chicago and need to partner up, I am your guy!

My chest still hurts, and I continue to have the momentary, "Why did I think that this was a good idea?"

The one negative from this month’s report is rent rates, surprisingly went down.

At least do this for your first few properties.