@Frank Szabo most Hard money lenders get investors and they pool the money into private placement funds that accredited investors can invest in.

The only exception is WATER WATER EVERYWHERE!!!!

To me that's just not acceptable.In the case of that one offer letter I went to see a property and it was badly damaged by water and had lots of mold.

Your pool of buyers for resale will be smaller as it is not corporate quality. 

I'm guessing $250-300 per month for electric and $75 per month for water/sewer, based on public information and experience.  

There are also 3 garages beneath the units that could be rented out as well to get additional income.His monthly bills are (mortgage, insurance, water and interest) are $2590,-He is paying for all utilities which i think should be decided amongst the tenants. 

New water heaters..Plumbing is OK, brass water piping needs replacement.So what I originally thought would make a great deal, has turned somewhat OK to maybe bad.  

Look if you are living in America with running water and electricty much less heat, hot water and a refrig/tv you are living better than royalty a couple hundred years ago. 

In addition to the 75 suites, the hotel also has a restaurant, ballroom, private party room, a large extended stay suite, and an outdoor swimming pool.

I've been asked if I'd be interested in setting up a small LP/LLC so other real estate investors could pool money together and invest together in a couple rental properties.