@Greg Loberg I have experience working with them but on the title side.They're based in Martinsburg, WV. 

Regarding the location of the Qualified Intermediary (QI), it doesn't matter whether they are based in New Jersey, Florida, or elsewhere.

I recommend that you find a trusted or recommended Mortgage Loan Originator (MLO), who can give you options for property-based loans (mostly investment loans) and they don't use your taxes but the P&L of the property.

One challenge was getting the hotel occupancy up after renovation since no one had booked or stayed in years so there was no existing guest base.

Based on how many people have moved here from other states (specifically California, Oregon, Washington, and then a few areas like NY/NJ) along with the amount of redevelopment projects and the chip factory that was put in - I think there will be further appreciation for the foreseeable future.Will Phoenix economy be depended on this chip factory?

Would love to connect and explain some possible scenarios based on your criteria!

South and South East is less expensive, but you're not going to get the appreciation and my impression is it's not as good a tenant base.

The advice can now be something very actionable, which you can try and then send them a thank you note based on how it went. 

It would still be based on the revenue it produces.

Since I'm based in Tampa, I don't look outside and compare markets.