It’s beyond time.The market isn’t great right now, but we’ve been approached by a family friend with a proposition.

You can probably do very well with service members and have a unique value proposition for that market.

The closer you get to downtown the more opportunity you will see.The downtown area is a block by block proposition. 

Present the proposition to the attorney and sign the agreement.

I do require a 3 night minimum and have plenty of 1 week stays so agree with other posters to do your research on competitor occupancy and rates.The real question is can you provide a compelling alternative value proposition to these hotels... eg short walk to beach, beautiful view, tranquility, well equipped kitchen, more space, pet friendly, much cheaper, etc. 

On the contrary, you can always explain how good business to proposition it is to get a vacant unit, even to a newbie. 

If you go brand new into 3 new markets all at once & have to rely on other agents for everything what value proposition do you really have to offer to clients?

These situations, if encountered typically become engineering and construction problems that are ultimately solved with the developer's money.You are encouraged to do a bit of due diligence before spending an inordinate amount of time on this (or any development project) by:- Determining the highest and best use you see for the property- Running a pro forma to understand the project's value (sales or capitalized rental income) to see if the project makes sense financially - creating a project schedule and pre-development budget-Using the above data to approach the school district to see if they will work with you based on an offer that you make to them that is informed by your due diligence and try to get the property under contract if you can come to terms with the district with a closing date you think you can meetYou may well discover that the school district would prefer or may even be bound to dispose of the property thru an RFP process, that is a "request for proposal" where you and anyone else can throw your hat in the ring to see who produces the most attractive (to the district) proposition.

I don’t have experience personally with rentals though and for example if you were to get a property with a value add proposition, how would one go about finding what their potential rent rate could be if most of the other product in the area is done subpar at best.Rentals especially if section 8 is involved seems a little daunting with all the little rules about everything they have.

, its an added benefit to my rental and I don't have to worry about the problems that come with a pool.I know other investors that have properties with a pool and it can be an expensive proposition.