This is a 10-20 year play for me, so will take some trial and error to figure out the balance. 

The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error.

One PMI company's software gives pricing, but if you call them the rep says it's a software error and points the finger at Freddie.Not actually clear on what is going on 20 levels above me. 

You can get an estoppel from the tenant as to their personal information and current rental agreement if necessary.Adjacent properties, including property lines, and neighborsNeighborhood, including crime historyVisit the property and neighborhood numerous times at all times of day and night and observe what you see and hearAlso, look at current zoning and anything in the pipeline from the city planners office about the areaPublic transportation accesssPolice and Fire District info regarding services providedInsurance you will needFinancing you may needAs to what the property management company may need or want.... ask them!

I will be helping the LP select a property operator, so the GP really needs to source land or properties for rehab, do the development process, and then monitor the property's performance and look for exits and the other things a GP does while owning a hotel.Ultra high net worth individuals who can take down numerous $20 million properties usually need family office support to manage their finances (capital preservation, diversification, insurance, charitable giving, wealth transfer, tax services, access to thousands of conservative investment offerings, etc.).Ground up hotel development with a new sponsor in the space should not be an option, particularly at this point in the cycle. 

Earlier today I received a text to my personal cell letting me know I'd successfully registered my number to bigger pockets (I had not) moments later I receive a text letting me know this was an error and that my personal information was safe.... 

I found this HUGE error since my last post.

LQ and Indio also have numerous horse shows several times per year.

Trial and error.

Make sure you have lots of room for errors on your first deal and offer them the opportunity to earn 10% interest on their money. 10% on the first deal is fair because of the amount of risk they are taking with you.