Just know the regulations in the area before you buy. 

@Wendy FateIf you do decide to dive into assisted living, then keep in mind it's really two things in one: buying (or renting real estate) and operating a regulated business.

Observe the regulations which are a part of this lease. 10.

At this point I require that I see it in print. ie, where is this regulation?

Over the past several years, I invested about $100k my own money, but it costed me over $100k for points and closing costs because I pulled out lots of money with numerous cash-out refinances.

What you will find is California taxes and regulates all LLCs (even foreign) - some say heavily.   

@Mary Blanco, this article identifies a strategy I have seen used successfully in California to avoid the franchise fees and regulations that were spelled out earlier for investors in California. 

The state is considering a bill that would prevent HOAs from regulating rentals in some way or another, my HOA was part of a group of HOAs that went to the capitol to fight against it (and ultimately won).

. - usually eviction procedures follow a specific timeline and flow, specific to your state regulations.

I understand the regulation is still being interpreted, but is there a specific deadline when the OZ funds need to begin to execute their plan?