+ As a final poker chip, I might offer them a small % of gains from sale on the property as you will inevitably sell the real estate LLC (without the operations) to an assisted living investor for much more than you would have as a single family.This setup will separate you from the decently high liability of operating an assisted living facility as you are not an owner of the operations company.  

(Then you are also inviting a can of worms, to the poker table...)

I have a good paying W2 job(>$30/hr) as a poker dealer in Pittsburgh.

Consider 'Holding Costs' and Opportunity Costs.Holding for two years is 24 months of lost rents PLUS all the obvious costs of ownership.Take the FMR for the area and condo config (plus the ownership costs) Times 24 and that's what you just threw out the window.Now try to visualize (dream) getting that back in appreciated value accessible ONLY by a reselling the unit.Sure like to play poker with you.

Think of it as playing poker and the mortgagee showed you his cards, after you folded.

made 12 k playin poker when i was 23-i had no documented income, and bought a 4/2/2 hud home for 82k with my partner, he ran out of money and left, i rehabbed it and rented out the 3 guest bedrooms for 300 a month apiece and i stayed in the master while i fixed it. tried to sell it couldnt, so now im 26 and kinda workin, i rent it out for 1150 a month and will try and sell it in a few years. currently workin on gettin a private lender for the next deal

  I had one in the zone, then they voted and changed the zone and its no longer in the zone, UGH  It's like high stakes poker right now, I'm not playing that game anymore.

Subprime was a sideshow, derivatives were the real timebomb, read Liar's Poker and The Big Short.

The longer you throw good money after bad, you will just sink like that rowboat...and right out of the picture (REI picture).Much like playing Poker, the most important rule to follow, is to "stay in the game". 

Years later he was free and now into Poker contest.