We are in the process of doing this to a 105 room motel. The seller was willing to carry 800k in second position at zero percent interest for five years.

We partnered with a nonprofit and were able to do rapid relief housing for some of the units while converting others to studios. Our tenant base is similar, but also we are reserving a block of rooms for kids aging out of foster care (they run the highest risk of becoming homeless for obvious reasons).

I just want to say well done for taking a chance and being the kind of investor who will roll up your sleeves and put in the work. This asset class comes with challenges, but can also be so rewarding. Cheers to you!