Deep down, I want to build a system that I can give to my children 30+ years down the road and no matter how high I climb the ladder, it's not something I can pass down.My wife and I are pretty financially conservative.

@Brent Coombs I put 150k because I was being a bit conservative.

Conserve your energy and figure out where.

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. 

We were the highest and best.The home needs a shower install completed, carpet in upstairs, massive wallpaper removal, total paint job, kitchen appliances, and small cosmetic updates throughout like door knobs, fixtures, backsplash in kitchen, possibly new vanity tops.Foreclosed Amount: 184kBank List: 152kOffer Accepted: 156kClosing Costs: 3k - Financed Deal (20% down, 5.25% interest only)Rehab: 15k (Conservative - 10k most likely)Holding: 4k (6 Months on the safe side, most likely 3-4)ARV: 210-220k (Conservative)Hoping for a flat fee MLS list with 3% to buyers agent.

I’m always conservative with my rent projections when I’m turning a building or doing a vacant deal. 

As an accountant, I’m pretty conservative and accurate with my figures.

The rent range is pretty wide for that property however and your estimate is on the higher side it looks like, so maybe just get a little more conservative there to be safe, but even at $1300/month rent it still cash flows decent.  

This data also shows that I am conservative in my ARV.

I guess i raised the question due to the fact that I would have enough reserves to cover any unexpected expenses but with the possible purchase of my second property, I will play it a bit more conservative and have the tenant pay down my mortgage.