Then there is the magnificent duo of Peter Andrews (https://casetext.com/case/wiedis-v-dreambuilder-invs-llc) and the lovely Madden family (can't find any court records at the moment but I personally know one attorney who is in settlement discussions w/the Maddens for non-payment of fees, as well as 3 sets of investors who have been treated by the Maddens similarly to the way Ryan has been). 

I didn't pursue because the real estate market was good and rates were at an all time low.

Just curious what that market is like and if this is good idea for the area and what rates are like.

My ad received a good response and I settled on a deal with another investor who saw the value in this and we agreed on an assignment fee of $7000.

Some are free and some have an annual fee.

Fees will vary by realtor.

I have 3 options.1) Cash out refinance with above 7% interest rate.

It would be rental property to my parents and I would pay a 60% market rental rate and I would also pay the loan.

Quote from @John Sigs: A professional charges 10% plus a month's rent for the leasing fee.

we are building a building just like this in Columbus Ohio except vertical. we added kitchens and all studios and common commercial and mixed it in. multifamily is much easier to finance. we got a similar valuation. we don't have to buy 1 million dollars worth of furniture either. apartment hotels are what some people call them but we are underwriting affordable housing. we copied the hotel development rezoning applications in our market but went for multifamily and I had it underwritten at 15 million and we just had the number one debt placement broker look at it and appraise it for 20 million because they added a tax abatement. hotel development works because of the nightly rate and higher occupancy and no kitchens in every unit.