Happy to share my knowledge and experience to assist you along the way. 

Additional streams of income:1) Have mortgage broker present at open house (and charge them "$5000"%) to pre-approve those who want it (but don't make that a requirement to bid).2) Sell the bidder list to other investorsI have not seen any such ads in my area and I'm wondering if it's because this system is not effective or is it because nobody is utilizing it?

Often it takes one desperate investor/ owner to drop the rent by a few hundred $ to get the ripple effect going. 

I wanted to see what folks' experience has been with Steadily for STR insurance.

The issue that you have, is that your guests experience will depent greatly based on the demographic that the motel building brings.I would pass and try to get a small multi-family building or see if you can buy the whole motel(to have more control).

Hey Anna, Yeah I would definitely recommend studying and gaining experience for a couple years before diving in that deep.

My experience in Ohio (it may be different in your area) is that if the bank brings the forclosure, then they 99% certian to bid on it unless the amount owed is lower than the opening bid. 

Originally posted by @Steve Morris:If it's your first one - HIRE AN EXPERIENCED MANAGER.A lot of these are tenant management issues like private/Medicare pay and keeping vacancies to a min.If you build and get it running well, then at least you can decide to keep it or sell it at a better price Where would someone find an experience manager?

We advise our clients to use other strategies that we provide, that are more effective, for people willing to put a little new thought into investing.

It gives you valuable experience as a landlord firsthand which will be helpful down the road when you consider a BRRRR strategy with hard money.