OK guys I have an embarrassing update concerning this hotel deal.

The seller is concerned about having any kind of ties to the property after the deal.

Welcome aboard @Todd Doperalskithis is a great site that you will enjoy and not a better resource for information, questions, concerns about anything!

I'm no expert rehabber, but from my experience in repairing my own rentals, I'd be concerned with unexpected things once digging into an old house.

If it is to use it personally some times and then retire their some day, and now is a good time to buy, and you can cover the cost with the rental income, then use your equity with no concern.

side of town is not a big concern - looking for best deals as far as equity capture and rents.

I am concerned that if I buy i will be buying right when the housing bubble will burst.

To me the comment is narcissistic and frankly reinforces my concerns.

Inform your lender that the title company will take care of everything and that they may call her.They can generate the note and deed of trust common for your area, they have an attorney in house or on retainer and they will tell you what the charge will be, probably $100 or so for the note.Your lender needs to provide certified funds to the closing company ahead of settlement, they can tell you when they need good funds.Sit back, wait, go to closing, the title company will take care of documents, disclosures required and filings.I also suggest a loan servicing company, search the benefits here on BP for my posts concerning "Loan Servicing".

But realized that since my since my intent was to hold these as rentals, I really needed to be concerned about cashflow first.