As a result of reforms, reduced tax burdens and long-term investment, Georgia is emerging as a beacon of stability for doing business at the intersection of Europe and Asia.I would take these for bullet points when looking into making a decision in which state to invest in:* Population Trends.

I would save up your emergency reserves before you decide to buy. 

Your tenants shouldn't need to call you that often and if they do call at an odd hour, it is probably an emergency.

What percentage do we save in our emergency reserves?

Is a motel even a legal use, since in typical zoning that is a lower class than MF.For apartment conversion: conversion budget, ada upgrades needed, fire suppression and emergency exit requirements, occupancy, management.  

As an investor, I would be really worried that the tenant won't be able to make rent payments after a while especially if some kind of salary reduction or job loss were to occur or some other kind of financial emergency were to happen. 

Where do you keep your reserve / emergency money?

Now that the rent only covers the mortgage and leaves me no room to cash flow and save for emergencies.

Which means....you need an emergency fund. 

I recommend two on Amazon:  Steve Bergen - Complete Guide to Buying and Selling Apt Bldgs (recommended by my mentor Joe Fairless) and two books from Dave Lindahl (emerging mkts and MF millions).