I am in search for the same as well

Instead, a lender will want to see that the property currently brings in (or has the potential to based on market rents) enough to cover the monthly principal, interest, taxes, insurance and HOA (if applicable).

Pick the kind of place to buy, like houses, buildings with many homes, or places for businesses, based on what you want, how much you can spend, and how much risk you can handle.

Try asset based lending, portfolio loans, where all they care about is the property.

But like you said all based on the intent of living in it or primarily moving it to a rental.

Could one of you stratify the BP population based on engagement?

The issue that you have, is that your guests experience will depent greatly based on the demographic that the motel building brings.I would pass and try to get a small multi-family building or see if you can buy the whole motel(to have more control).

When I first started my search, the numbers made a lot of sense by focusing on "bad neighborhoods."

Is it best to search under bank owned or vacant houses ?

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.