Seriously though, Hotels are a completely different animal than homes or apartments.

Don't forget to also search for "addendum" for those 'other' areas of special concern:  appliances, animals (pets), smoking, utilities, etc. 

The more ducks you have in a row prior, the better and smoother it will go.  

., no vicious animals or other critters, no used tire disposal site, nothing unsightly.    

There is no substitute for taking a trip out and seeing the area in person because while Google Street View gives you some perspective, seeing it in person is sometimes a whole different animal. 

On syndicated deals, we usually see foreign nationals with 20% or less ownership as this makes the process MUCH smoother and financing terms better, generally speaking.

The lease clearly states no animals or pets allowed without prior written consent from me.  

Since I also have a no animal policy I throw all those applications in the garbage.

However, the majority of applicants have domestic animals or section 8 thinking crazy money thoughts, so i have rejected them.

Now if he chimed in here - totally different animal, but I don't know what his situation is and it does me no good to out him other than to create more problems for both of us.As for lessons learned:- As much as the hard lending looked pretty straight forward on the surface, there are more details I should have spent time fussing over and learned about.- It would have been good to have had someone experienced assist and/or look over the process to make sure we were protected, even if I had to pay a lawyer to help cover things.- It's definitely a different process/vehicle for investing than regular rental property.