And not to put myself on a pedestal by any means, but I think that our society could really learn a lot about giving up temporary gratification to reach long term gratification.

While I agree with@Richard C.that the assisted living facilities are highly regulated and complex (I handled some of these claims when I was in claims, and have a friend in Los Angeles who is a caseworker for adult facilities), and the insurance for an assisted living, or any home health care type of facility is expensive, because you not only have the common General Liability issues, but you also have the Physical/Sexual Abuse liability issues...and other insurance issues too.However, from a strictly property perspective, you can be the owner of the facility and simply provide the property for the facility, and those who operate it would be responsible for the insurance required to run their business from the property you own.

You might change your mind if you saw they had two sexual assault convictions and 11 pending lawsuits from homeowners that are suing them for work not performed.And once you have gathered quotes do all of the reading on line that you can about that specific job or work that you are hiring. 

@Bobby Paquette statistically, your chances of success will depend on the Class of property.Class A - fairly easy to manage remotely as tenants are pretty much self-sufficient.Class B - a bit harder, you'll need better systems and it usually requires more of your time.Class C - difficult as tenants don't want to lift a finger, have a million excuses for everything, yet demand instant gratification. 

More importantly, preventing a sexual offender from staying as a guest with a tenant.

I guess it is a matter of instant gratification compared to delayed gratification.

I really do agree with all you guys after hearing your stories and opinions on the matter and I realize I'm just thinking of the short term and quick gratification instead of the long term impact it will have on me.

In Wisconsin: race, color, national origin, religion, sex (including pregnancy, childbirth, and related medical conditions), disability: physical or mental, age (40 and older), genetic information, marital status, sexual orientation (includes having a history of or being identified with a preference), arrest or conviction record, military service, off-duty use of lawful product. --- Milwaukee also adds on top of that: source of Income.)

Delayed gratification is the key to success in this business, and if you can put off buying a house for yourself and dumping that money into an asset that makes you cash instead of a liability that takes your cash, the results are about 4 times better for you in the long run.Some things to consider.1) This is CA.

But it is important to own real estate, When I have done owner financing I knew I wasn't going to make money but I wanted in and put the cash flow I made into the deal (delayed gratification).