Anyone familiar with this approach?

Since I have a long-term interest in getting into hotel investing, this feels like a natural stepping stone, but I want to approach it the right way.I feel like this is such a great opportunity, especially with it being off market.

I want to refi and pull some of that equity out ($200-$250k) so I can keep growing my portfolio but I'm not sure how to approach it as it would obliterate the cash flow I currently have, and in the current market I won't be able to make up for it with additional properties as they would also have minimal cash flow.

I’ll certainly take this as a lesson to leave no detail overlooked and to approach every aspect of my agreements with care.

This approach will help preserve your operating capital.

I’d love to hear more about how you approach finding these under-$2M properties and what strategies you’re implementing for operations optimization.

Best approach is to have your "team" set, before going out to secure properties. 

Greg, first off, congrats on an incredible accomplishment—13 paid-off rentals is no small feat!

I just don’t think it’s anything other than a very simplistic investment concept, it’s marketed as if it’s earth shattering with exotic names being given to mundane concepts, and overhyped and if the posters in this thread are any indication it’s being sold to people incredibly unsophisticated in personal finance.  

If these type of damages occur in the future, I would recommend holding the tenants deposit, or if there is a claim to be made through the insurance you sell them you could approach that avenue.