If you’re new to flipping, aligning with a mentor and real estate professional ie (Realtor/Mortgage Broker) who has experience with flips can provide extra insights, helping you mitigate risks.

You’ll want to check out the PA Code's Chapter 2800 for the standards around licensing, safety, and staffing requirements, and the Assisted Living Residence Regulatory Compliance Guide can provide extra insight.We actually have a local team here in Allentown that has worked on several of these conversions, so if you'd like some guidance or just want to chat through the process, feel free to reach out.

So most investors I know are fine with this.I have seen some who will stack an additional LLC on top of it...to be "extra safe" in their minds.

Much will depend on the price of the property, for sub $100k I’d expect to pay something extra. 

But some advice already said.1) Learn how to reduce your expenses2) Pay every month like you would be a tenant 3) Find other ways to make additional money - does it have a guarge, maybe rent that out for extra cash flow? 

Make sure to have thorough inspections done and factor in extra reserves just in case.

My goal is to keep things clear and flexible: I’m considering a setup where I offer my services for 2.5%, but if the seller offers 3% or higher, I keep that extra difference.

You could then get more sophisticated and factor in refinances after 5-10 years and how that money could be re-invested into acquiring extra units. 

A few patches might give it those extra miles without throwing money at a major repair too early.Think of it as using each part to its full potential before moving on to something new.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.