As mentioned above, some markets are visited by large groups on vacation while others are more "utilitarian" (business travel, insurance stays, special events, etc.).Competitive analysis will tell you what the market is currently bearing.

I'm thrilled to hear that you've been involved in investing in the Richmond area for the last five years.

I agree with @Erin Spradlin - I think if you can confirm/convince potential tenants that there is plenty of on street parking it is not an issue, but if it is in a busy neighborhood where finding parking could be difficult I think adding the parking area would help a lot.

I would highly suggest that you also get involved in local real estate meetups.

As a GP, I am involved in 1100 units $140M AUM. 

contractors are busy and like to stay within a certain range so recommendations will be based on where you are.

His reasons were: a) he can borrow capital improvement budget, thereby not diluting LP returns and b) he could not underwrite yield maintenance.He continued to imply that his business model will remain short term holds (under 5 years) so this debt works for him and is better than fixed rate.My question to this community: would you still be willing to invest with an operator taking out floating rate debt in today's world?

As I need to register this business with the state and county, should I need to register LLC as "531110 - Lessors of residential buildings and dwellings" (NIACS code) or something else?

In my almost 30 years in tax business, I have never had a problem that she is concerned about. 

There are some large FB groups for Indy and the suburbs, I would check them out and they will lead you to the in person REIAI will check them out, would love to get more involved with those groups!