If you are out of state, who connected you to the contractor and what references did they have?

But if not, then you can use the LLC to buy the property.

Also would love to hear what the plan go forward is now it sounds like you pulled the funds back out.

There is what they call a stay on the property in residential cases for at least 30 days.

It depends on what you are comfortable doing. 

How did you find this deal and how did you negotiate it?

We (the buyers) notified our agent that the property must also be move-in-ready.We received images of the interior and exterior which showed the property in move-in ready condition/what appeared to be minimal to no deferred maintenance issues, the listing said "property inmove-in condition/turn-key".

There are a lot of hotels right now that are failing and going under due to low cash flow -so its a failing hotel.

If you have not put them into service yet then you may want to hurry up and do that otherwise you’ll have to wait until next year.

But they'll also need to be aware that they won't be able to get a loan to build anything on it either in the future.There is at least one company out there I've looked into before.