Would I use the high-level rule of 50% of gross income for expenses and see if mortgage will cover the rest?  

It has 3 levels of coverage.

We were discussing rehabbing our first level and decided to get a line of credit in order to pay for the rehab.

4) What level of rents do comps command and do you understand the specific level of improvement required to get those rents.Good luck!

Hi Zak,I have lot's of CA clients.Different investments require different levels of purchase price for quality.One of my clients sold a tech company that is in CA a few years back.

My only thinking is family/friends at that level maybe coworkers?.

The temperature should be adjusted to a safe level.

To fully asses the property you will need to calculate the occupancy level, RevPAR, avg room cost and ADR and most important rev from last few years.FYI: hotel & motel are not a passive investment, but very profitable.  

Because you're having trouble finding deals, investing some energy into people that already have developed systems and ways of getting you deals could be worth your time, but totally your call!

This is actually more a gray area than it appears surface-level...IRC Sec 1402(a)(13) was codified in 1977, before LLCs were even on the Treasury's radar.