Fannie Freddy says you can only have 10 loans but, what if I get 10 in my name can my wife get 10 in her name as well?

Owner is in her 80's and wants out.

Whether or not you advertise (once closed) before you finish the renovations really depends on the type of market you're in. Here

Hopefully a CPA or 1031 expert will chime in here soon.

I do believe there is some merit to that approach as well, the biggest obstacle is your first deal.

I guess the buddy got in her ear enough cause she's going with her.

I've owned a bar/restaurant in the past as well as a nightclub and a retail computer store, so I'm pretty comfortable with the "business side" of the hotel business and the inherent risks in this type of investment.

All with some positives and yet drawbacks and obstacles. 

I'm a sophomore and my mother is paying for me to attend, my vehicle, my gas, my food, and I live in her basement.

You need to trust your gut so if any number or detail makes you feel uncomfortable then its probably not a deal for you to invest in. Here