@Chris Seveney While I'm not at that level to be able to provide personal experience I will follow to see what others respond with.One question I would have is, 'What is your current loan volume today?'   

However, a different niche such as insurance placements, might very well be in the 70%~ occupancy level but the rents are going to be so much higher that the occupancy rate (comparatively speaking) is irrelevant.

Hi Paul, it all depends on your comfort level. 

Keep in mind that while there is an exemption to the Fair Housing Act.....most states that have a state level Fair housing law do not typically provide the same exemptions as the national law.

Doing so also helps create some level of USP to a sea of growing inventory across platforms like Airbnb.With their introduction to paid advertising it’s going to be interesting to see how their algorithms change from a ratings perspective. 

What was the experience level of this GP?

Talk about taking hospitality to another level. 

If the temperature goes below freezing point, pipes might burst. 

Sure but that would go for almost any level of opportunity cost.

Do some smaller dollar private lendingA property is too capital intensive and $20k will not get you very far.You also did not describe what level of risk you want to take, so that is something also to take into consideration when evaluating where to invest.