Investing in Assisted Living

[Zen Ouano]

Hi, can anyone share their experience with purchasing a vacant facility or land for the purpose of building a facility?  We are only in the planning stages, but seems a lot more complicated than just buying regular RE.  How much % downpayment does the bank require and what kind of loan ie commercial RE, business or construction loan? We are looking into either selling a rental property to help purchase a vacant facility, or we have a land that we could potentially build a facility (after rezoning).  Do you think we are better off building new rather than fixing up a 1960-1970's facility?  We are looking into either building a 15+ bed or purchasing an old 20-50 bed.  Thank you for your time.  And advices on what not to do are also welcome :)