Any advice on the kinds of people I should have in "my team" to make this a success?

Any opinions out there on if I would have any legal right to get the earnest money returned to me or should I just be happy he is willing to let me out of the contract and consider the $2,000 em cost of doing business?

The other states we do business in have completely different structures. 

I’m going to check this out I registered on the small business portal through Invest PR and I’ve done some research on act 60 but will be sure to reach out with best practices in REI on the island.

There are a few people that would be wise to reach out to in order to get this information.

I would just say that recently in my experience diversifying out from STR into motels/boutique hospitality has been high risk and set some people off path - it can be a very lucrative and good move - however, if you are having a lot of Success with traditional STR - it seems like a lot of people are looking back and saying they wished they stuck with that and expanded with what was already working!

I have noticed a trend over the pasts 10 years where more and more of the people have zero involvement in the day-to-day operations of the property and are only raising money.  

For some people this is OK since they will get use, future appreciation and a likely refinance in a few years. 

In today's market, it can be hard for some people to tell what they should do with a specific property. 

"The worst kind of Business is a Partnership."