We have also partnered with a reliable general contractor who will be investing in the project and has extensive experience in mid-scale hotel construction.

Without real estate experience, it is next to impossible to vet a good property manager and a poor one will be your largest expense.3.

Its priced well, needs work(which is fine) but wondering if anyone has had any experience buying, living, or managing any rentals in this area or near it?

A couple more things to consider as you do this, and I've overseen 100+ apartment units renovation that we've owned and managed so I have some experience in this. - If you're already tearing out the cabinets, maybe see how much more it would be to re-pipe the water lines or re-place exposed sewer lines.

But from my boots on the ground experience its not easy getting good help. 

All I have to say are positive things about my experience, and everything JT has taught has been right on!!

Even if they just have them on as an advisory role, having them on the LLC helps you get a better deal on funding and their experience will help you to get the project completed more quickly. 

I would ask..how the remote management or ownership experience is going? 

To re-focus their efforts on their money making activity.I invite everybody from BP newbies trying to get started, to your richest investor to chime in and ask any questions, and offer up their own experiences and protection plans.

This is a learning experience for me in my landlord adventure.