You're doing something that most people won't and your customers will reward you for that.

I reward long term tenants with below market rents. 

I'm finding that my "lessons learned" list just keeps growing, but the experience of actually doing this is rewarding. 

In my local market there are numerous 3% down conventional products for single family, 5% down conventional products for duplex, down payment assistance on more than 1 unit properties, tax credits, all kinds of programs that have other ways to benefit owner occupant buyers. 

So while there's a lap pool, gym, concierge, bocce court, and numerous other amenities, there's nary a tub in the place. . . unless you count the tubs in the dog spa.

Personally, I think the redevelopment side (those in the gentrification space) is tougher to execute, but the rewards are similar.

Without property insurance,  we would have lost significant money.If your interest rate saving is higher, then go for refinance and payoff.You make the right call for risk vs. reward long term.

You can get an estoppel from the tenant as to their personal information and current rental agreement if necessary.Adjacent properties, including property lines, and neighborsNeighborhood, including crime historyVisit the property and neighborhood numerous times at all times of day and night and observe what you see and hearAlso, look at current zoning and anything in the pipeline from the city planners office about the areaPublic transportation accesssPolice and Fire District info regarding services providedInsurance you will needFinancing you may needAs to what the property management company may need or want.... ask them!

I will be helping the LP select a property operator, so the GP really needs to source land or properties for rehab, do the development process, and then monitor the property's performance and look for exits and the other things a GP does while owning a hotel.Ultra high net worth individuals who can take down numerous $20 million properties usually need family office support to manage their finances (capital preservation, diversification, insurance, charitable giving, wealth transfer, tax services, access to thousands of conservative investment offerings, etc.).Ground up hotel development with a new sponsor in the space should not be an option, particularly at this point in the cycle. 

Until you become laser focused, your like a cat chasing it's tail and will never get started.Real estate development is huge risk, you can have huge rewards but you can also get go BK in mins.