We were fortunate to buy a house that was almost entirely turn key so construction wasn't needed.

Another question I have as it pertains to the profit calculator: Are there any calculators or resources that exist for buying and operating and/or rehabbing a hotel?

As a CFA you probably know the old quote from Warren Buffett who said something like "buy what you know and understand". 

I buy value add NNN for cash typically and reposition.

I also like to be set higher than most of my competition because I only buy really cool properties that are sought after.

I actively buy real estate in Arizona.

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

I'd appreciate the chance to buy you a drink and pick your brain.  

Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

If you ever have the time and feel comfortable sharing your experiences and tips, I'd be happy to buy you a coffee.