@Sara Emmanuelle Dube No, they don't necessarily have to be "official" but it is more legitimate from the tenants point of view.

Going off of this, do you have flip/rehab experience within the last year? 

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

This is often viewed as a "gift" so lenders place limits on the amount that can be "gifted" as well as the manner that these funds can be transferred to you. 

We love intown living and our ideal situation is a house with some character in a diverse neighborhood with community gardens, BeltLine, etc.We have heard and seen an opportunity on the Westside (Grove Park, West End, Adair Park, Capitol View / Perkerson Park, and some streets in Mozley Park) with all of the exciting developments that are planned or in progress.

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).

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. 

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

The ROI / punchline: I've already 100x'ed this investment, i.e. it's paid itself back 100x overShe did not ask for this review, but I had such a positive experience that I had to make the time to write it.

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.