Purchase based on sales comparables, at a discount, and have a good idea of what your operating expenses will be as well as what market rents are to get an idea of your return.

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Jimmy (or anyone else), any ideas on good books or resources on how to buy hotels right, fix them up, turn them around and MAKE SOME MONEY?!?!

I agree with the idea of letting them stay, adding the pet deposit and socking the money away because in the end, this can be a challenge to take care of the odor.On the other hand, if the contractor is not used to cats even one dirty litter box can cause a significant ammonia odor (cats consume a very high protein diet and thus produce a high urea content urine).  

Primarily interested in marketing ideas (direct mail campaigns, flyers, etc.)  

Which possibly then even gave me the idea seeing if they would be willing to owner finance.

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A forum such as BP is only able to address such topics at the very surface.Rental income is not earned income that can be utilized to sponsor or make contributions to a Solo 401k.  

If there is another house hacking idea you have other than these, I'd definitely be interested in hearing about it.

I don't like the idea of holding a 2nd if there's going to be a market correction, unless there's a lot of equity in the property.