Short of natural disaster and fire, there are very few surprises when it comes to the building, you can anticipate the expenses. 

Not sure what neighborhood you're in, but it sounds like it's a class C/D property, which will naturally have a harder time attracting tenants that will (a) pay on time, (b) maintain your property, and (c) stay for long periods (which matters in the long run). 

My parents are putting me in charge of the entire investing process because they're too far retired to want to deal with it, so naturally I want to make sure I'm making the best decision for all of us. 

Step #PhaseStep1DiscoveryTalk to experts and learn (process, tips, design tips)2DiscoveryCreate social media and document story3DiscoveryGeneral research - budget considerations, financing options, permits, regulations, tax considerations4DiscoveryMarket research - competitor analysis, analyze guest reviews, market trends5DiscoveryGather ideas/inspo (blogs, articles, youtube)6DefineCreate brand and vision7DefineCreate guest requirements (e.g. coffee maker, natural light, near activities, etc.) and prioritize must have, nice to have, etc.8DefineSketch idea for look and feel (architecture and design) - map out the floor layout9DefineConsult an architect (is this needed?)

In FME when pricing is "too high", by nature it opens a door for new competitors to emerge competing on price, driving market prices DOWN. 

Naturally we are a bit nervous, but we have solid exit strategies in place which helps to reassure our confidence!

Naturally, there's no universal solution, but I'm more than willing to share with you.

We might not live like it, but we are interdependent on our environment and nature.

That code section states:(1) “Prospective owner-occupant” means a natural person who presents to the trustee an affidavit or declaration, pursuant to Section 2015.5 of the Code of Civil Procedure, that:(A) They will occupy the property as their primary residence within 60 days of the trustee's deed being recorded.

More than anything this will exclude you personally from claim history (some of which is without merit and is the nature of the litigious society we live in).