Suggestions needed for use of furnished 8-bedroom property

[Kesha Hamilton]

Hello,

I have an opportunity to purchase a 8-bedroom/8 bath fully furnished property that was once used as a senior care facility. The tenants had to have certain physical capabilities so they could manage somewhat independently. 

I was initially thinking to purchase it and use it as co-living space for workers at a nearby auto-manufacturing plant, but am considering what other uses would make sense. A senior care facility would likely involve more rules, regulations, and red tape. It would also involve having to manage a staff of cooks, runners, nurses/doctors, admin, etc. 

Housing for workers or even Airbnbs could be less lucrative but have less overhead because the tenants are self-sufficient. You're just providing a place for them to lay their heads. I also considered student housing.

-What are the pros & cons of these options- senior housing vs Airbnbs vs student housing? I know all come with downsides, but which would you choose to deal with? 

-What are some other potential uses? 

[Melanie P.]

Sober house? Halfway house? AirBNB shared?

The issue with those furnishings is they'll likely only be useful to a senior home.