I've done some "driving for dollars" and I look on Auction.com and the MLS frequently I have never done a flip myself.

I have frequently driven through both areas without fear during the daylight hours-- though I once did have to detour due to a shooting near Joy Park Homes going down Kelley.

She can project manage the full flip, pick up duties for running certain pieces (i.e. you handle exterior she does interior), learn how to keep the books, do your marketing for properties, buyers, or investors, or any trade you need frequently but preferably one that is a pain to find in your market.

But even the middle & bottom of the rental market are likely to see shorter tenancies and/or more frequent early lease exits - so, slightly higher vacancy rates and/or turnover costs, even if demand is strong.2-Once upon a time (25+ years ago) I worked for a top Wall Street analyst who followed regional banks. 

How frequently is major renovation typically required, and is it typically done in stages or do you shut the hotel down entirely for a period of time?

See what Ideas your Realtor has to create a bigger presence for the property-New photos: The photos here are a bit bland and you may want to reach out to local companies for better exterior photos, and virtual staging of the interior/digital walkthroughs to show that even at the list price the house is a value -Open houses: The open houses should be more frequent IMO but they should also be events!

However, I would caution you not to look ONLY at CAP rates when evaluating a different type of asset such as MF or Storage as there are frequently underperforming parts of the property not quantified in the asking price. 

With the frequent changes in renting out a room you may end up paying quite a lot for your property manager.

Actually was high bidder on some various items sold in the initial estate belongings auction from auction house I frequent.

Actually was high bidder on some various items sold in the initial estate belongings auction from auction house I frequent.