Lease to assisted living business? Higher rent

[Ryan Roybaul]

I was approached by a couple who want to run an assisted living business out of my 3 bed 2 bath. He is an rn and she is a certified caretaker. They were able to secure a loan for 65k to start the business. In socal.

I offered them to rent the place at double market price. They seem to be okay with that but we're still in talks about the deal.

I just got the property back and was getting ready to remodel the baths, floors, kitchen as they are in bad shape. They will probably reno the baths at their cost and I think I'll pick up the tab for the kitchen and floors.

If the deal goes through and works well for them I can lease them another 3bed at a later time.

Should I charge a large deposit(2x rent) as I may have to renovate the bathrooms back to normal after they leave? Maybe include that in the lease?

Is double rent normal? I remember reading it somewhere that I can't seem to find.

I'm thinking a 3-5 year lease? Just a wild guess.

what would a reasonable rent increase look like? I'm guessing slightly below market x2 

any advice, food for thought greatly appreciated!

I contacted a property manager and am waiting for a response, hopefully monday as I'm a little out of my league with this one.