This is a cash business.  

It's all run under the table currently and haven't had any problems, but want to formalize this as a business to avoid any hardship down the road.I don't know how I should be protecting myself here.

I thought the holding company would not conduct business but have subsidiaries of LLCs for each aspect of business or up to 1million in assets.

I would say it depends.

Most businesses under $5M are funded via Small Business Administration (SBA) loans. 

It is not a cookie cutter answer, and really depends on the property, location and if you have consistent guest demand based on that.

Do NOT depend on an agent for this list and most of them are clueless or worse, they think you can just ask the seller for them - after the agent coincidently gets their commission check.DM us if you want extremely great assistance:)

Considering their LTV is at market or debatably below market (depending on the asset), if the interest rate or loan terms aren't advantageous, I'd also suggest getting quotes from other lenders.Since you are located in upstate NY, I'd look for local banks.

This was the most unprofessional business I've ever used.

You need to follow a few rules on the acquisition, and follow a few more on the experience/forced equity/hospitality side, but if you do it, it's about the highest returning equity in the business.