Buying a small hotel/motel in South Florida as 1st property
Background
I'm a new real estate investor in Miami Beach trying to buy my first property, preferably locally*. I could spend at least $500,000 in cash on a property myself, $1-20 million if I go into it with a family member who's interested in being a passive investor, and I'm fairly sophisticated in terms of general investing know-how (financial modeling, Buffett-style value investing, general MBA stuff, etc.). I've read a bunch of real estate investing books as well. My two big limitations at the moment are (1) lack of general real estate experience and (2) handy-ness (I'm not going to be installing a countertop anytime soon and contractors are hard to come by here, so buying a SFH and doing a reno myself are unlikely). I do, however, have a mom who's very good at organizing renovations, design, and landscaping so I could find that a helpful skill in the toolbox.
Thesis
With the COVID-19 shutdowns, tourism is getting hit hard. Real estate prices might not yet reflect it, but I would bet that there are more than a few motivated sellers of properties reliant on tourism. Assuming that prices decline to where the hotel/motel could, post-COVID, be a reasonable investment while still operating as a hotel/motel, I might buy one. In other words, I wouldn't buy one in the hopes that some big developer buys the property later to turn it into luxury condos. I'd plan on holding it for the long-term and outsourcing the operations of the hotel/motel while I manage the property.
My main long-term concern is AirBnB, since these kinds hotels compete on price with AirBnB, especially since they don't have a global or nationwide brand name. Miami Beach has been rather hostile to AirBnB, which is good for the hotel business, but I think it's good to assume that eventually the city will reach an agreement to allow AirBnBs.
So my question is this: if anyone has done this type of commercial property investment, what are the main things to avoid? Alternatively, if you think that are better opportunities in South Florida, commercial or residential, what would you suggest looking at and where?
Post Script: Investing outside the expensive Miami market
*I've read the BiggerPockets Guide to Long-Distance Real Estate Investing by David Greene, so I have some familiarity with the concept of investing outside my region. I'm leaving that open as an option, but I'd rather try to go local first just because I think I'll have a better chance of being able to manage the property.