Does anyone know of good websites to find out the market statistics for commercial and industrial real estate? 

In My area radiators are not a negative but central air is a plus.

So there will be lots of competition.You can choose the negative response which is "that's too much competition I think I'll quit now or at least discourage anyone else from starting"Or, you can choose the positive response which is "each PR gets 24 letters and one of them is mine.

If I get pre-approved (in order to get this letter) now but I don't find a deal, would'nt my pre-approval expire in a certain time and if I have to do that a few times won't that affect my credit score negatively?

Based on your post, it doesn't sound like you're strapped for cash and you have other assets which are working for you, so taking a hit on a property that sounds like it is in a premier neighborhood won't hurt too bad in the long run.You'll still be negative cash flow, if you account for vacancy, capex, repairs, etc, but I think its making the best of a bad situation.

. -  And lastly, working full time while juggling the start of this adventure without having negative cash flow. 

Maybe even find a way to incentivize them to follow the checklist...there are probably lots of ways you could incentivize them, but one way might be to pay the cleaners a bonus every time the property has a certain number of positive reviews (and remind them that broken furniture/stained carpet etc. will lead guests to leave negative reviews, which will mean no bonus).Good luck out there!

I'm still confused by how learning local real estate law, contracts, customs, etc can be considered a negative before embarking in...well...real estate?

I'm not trying to be negative but I am trying to show the opposite side of the investors that think walking away on a regular basis is acceptable.  

I guess I'll be the first to throw out a negative. :)As I posted in another thread, it seems that most insurers in Florida exclude damage caused by PEX plumbing in their policies.