I'm currently just starting out wholesaling and rehabbing. I have decided that if I'm ever going to do any buy and holds, they will be hotels. Am I correct in assuming the I should still use the BRRRR strategy? And buy a distressed hotel? Should I be direct mailing or should I look on sites like LoopNet and TotalCommercial? What should I be looking for in a hotel? I have been told that I should first become an equity partner in someone else's project, but I'd rather not tie up that cash if I could get it all back through refinancing.
What's my best strategy to start investing in hotels? Should I stick with flagged hotels only at first?
Running a hotel is unlike most other forms of commercial real estate. It's a business within a property and if you're going to succeed then you really need to learn the hotel business.
Not trying to be rude but the questions that you're asking indicate anything but the knowledge to run a hotel business to its full potential. There are a lot of good books out there I'd spend my time trying to learn as much as possible before jumping in. Some of the colleges also have continuing education classes on hotel management you can look into.