I've done AirBnB's for many years, but this is my first jump into the formal hotel ownership space, and I'm wondering what pitfalls others have seen that I may avoid. 

I'm looking for something 10 minutes or so from the house where I can meet up with other investors for an hour or two in the evening.I'm not looking for anything formal.

Do a formal inspection report, determine repairs, and then follow back with another notice to make the repairs. 

But a foreclosure or sheriff sale is just an auction / sale of the property - some states use sheriffs which are judicial and non judicial use a trustee or attorney/ auctioneer to auction it

If something doesn't seem to make sense or is too complex,ask for a more simple description, ask for a formal estimate and breakdown of the cost. 

Who should the cashiers check at a non-judicial foreclosure be made out to?

That being said, this projection isn't absolute if you don't maintain the formalities of the LLC (including co-mingling of personal/business funds, corporate governance).

I have zero formal credentials but I've been "lurking" on BP for longer than I care to admit 😊.

We have regular reports and investor meetings so would have no troubles showing we are maintaining corporate formalities.

Each lot is zoned Single Family Residential.Here's my dilemma: I am considering whether I should formally combine these lots into one large parcel before selling, or if it's better to keep them as separate entities.