Our management company currently collects a traditional deposit from all tenants, including traveling healthcare professionals.

I live in Buffalo NY and have not seen much going on at this location. 

I'm actually located in Illinois. 

I would like a book or program recommendations in order to learn how to purchase and manage the extended stay hotel.

I am open to it- but unfortunately, I am not looking to move until another 2-3 years- my partner and I rent an apartment on IOP and we love the location and the cost is actually incredibly low which is great.

Is it ok I move these to a storage location?

I immediately recognized that the listing agent/property manager had the current rent well below market & the asking price massively wrong.

I have a short term rental that I self manage and am considered a real estate professional based on material participation rules.  

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

If you plan to self-manage initially in MI but go full management in Detroit, you’ll want a very dialed-in team.