Regarding the location of the Qualified Intermediary (QI), it doesn't matter whether they are based in New Jersey, Florida, or elsewhere.

One I know is based in LA as that's a huge market of course..

One challenge was getting the hotel occupancy up after renovation since no one had booked or stayed in years so there was no existing guest base.

Not all but a vast majority based on my doing deals in PA NJ WV OH SC etc etc. 

South and South East is less expensive, but you're not going to get the appreciation and my impression is it's not as good a tenant base.

This specific tenant disregards quiet hours and continues to play their music loud.

I recommend that you find a trusted or recommended Mortgage Loan Originator (MLO), who can give you options for property-based loans (mostly investment loans) and they don't use your taxes but the P&L of the property.

Based on how many people have moved here from other states (specifically California, Oregon, Washington, and then a few areas like NY/NJ) along with the amount of redevelopment projects and the chip factory that was put in - I think there will be further appreciation for the foreseeable future.Will Phoenix economy be depended on this chip factory?

If a single-family owner-occupied property is worth $400,000 - I wouldn't invest more than $280,000 (70%) in a note secured by the property.ITV takes priority over desired yield - so even if the note discounts to $350,000 based on desired yield, the investor still won't go beyond their maximum ITV. 

Based on what I currently owe and how high rates are this doesn't seem worth it to me.Does anyone have any advice on what the best way to do this is?