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Updated over 6 years ago,
Downside of renting a house to convert into assisted living
I have a property which is rented to a regular tenant. I was approached by the tenant that she wants to convert in to assisted living and willing to do all paperwork, conversion. This will be a residential assisted living in TX which allows up to 6 beds in residential area. As we proceed to do paperwork, I want to find out if there is any downside from home insurance, property taxes point of view that I should be concerned about?
I was also wondering if I should add any clauses to the lease paperwork as this will have additional expenses (to be done by tenant) that I don't want to be liable if we end the lease early, or terminate after 1 year for whatever reasons. Thank you in advance for any help or leads you can provide.