most of our customers are locals who become long term, and sometimes super long term guests. even during the slow season, it is not really "slow" because of the amenities we offer vs. the other motels that essentially nickel and dime you to death, and give you little in return. can you imagine paying $50 total per night for a room with a full sized refrigerator and 40 inch tv?

This sounds like too good of a first deal (if it is in good shape and easily brought up to comps) to lose or split with a partner, when I imagine there are ways to get the money quick.

I wouldn't sit more than 10 days I'd imagine and that'd be because the tenants would be out the 20th of September. 

Could you imagine if a tenant was hurt on your property or you did a repair that caused damage such as a fire or hazard to a tenant.  

Personally I can't imagine depending on the government for income to live on in retirement.

There is a Mortgage Recording Tax of around 2.175%So imagine you buy a property worth $2 Million, put down 20% or $400k.Then you create another lien, say $500k.That will cost you $500k x 2.175% = $10,875.Further, if you really want to make this a valid loan, you would probably create a LLC, fund it the $500k, have it establish the new lien on the property, let it get paid the Interest.Now you will have to pay tax on the Interest and filing fees for the LLC and have a CPA do your Tax Returns.That might be worth it to someone, but to me, it's a little over kill when you can just get an umbrella policy for less than $300 per year that will cover you an additional $2 Million.

I imagine this is pretty common for those of you with LLCs so I’d love to hear some advice about the best way to line up financing.

@Jeremy Galloway I grew up in Helena, so I can imagine thats a solid place to invest with the way its been growing over the past few years.

Can you imagine offering a landlord a free rehab!

I can only imagine the headache they get when something needs to be done in the community.