They are much more like hotel guests than long-term renters.

You don't want to fall into the trap of offering a solid product that is 'just good', when you set people up to expect '5 star hotel' excellent.

Of course GP wouldnt get paid back first, it would be LP, but there could also be a normal waterfall where they are both paid out starting at initial cashflowing period, in accordance with the waterfall structure.The GP is also managing the property, roughly 50 room hotel, and for 13%, which they say is breakeven, but sounds high to me.LP is going to want to be able to fire them as manager if they find a cheaper and competent manager, which there are cheaper managers per a quick search.If they take 13% of revenue, then 50% of returns, they will be walking away with like 75% of the pre-management-fee cash flows of the business, if not more.

@Bruce Woodruff are you not buying commercial hotel sheets?

I'd suggest taking a look at the hotstats.com site and judging by GOPPAR (gross operating profit per available room) to see how hotels are performing in your target area. 

@Sarah Kensinger The 30% is due to the property being deemed a Condotel, where it operates similar to a hotel with full service, including changing out the soaps.

Two weeks in a hotel is more than the monthly rent.

I won't be investing in the riskiest/most supportable asset subclasses such as hotels, and tilt my portfolio the ones that have historically been more stable such as multifamily and single-family housing.

He is an electrician who is currently working a remote job and living in a hotel, so I'm thinking I might ask the HR person to send me a copy of his most recent paystub. 

You would never have an issue with the smell but rather GLOWING REVIEWS of this amazing space that won’t Fine you $300 for smoking like a chain hotel would?