I have had my license and practicing commercial real estate for going on 4 years now.

@David Song, get points.

I do think it was a financial mistake for that landlord to forgo the 80% in back rent, I would have taken the money, non-renewed when this is over, sought a judgement if I had to evict down the road or if he caused any damages, and given him a bad reference at every opportunity.

As for going the contractor route, just because you can build doesn’t mean you can inspect and vice versa.

But I want to second @StevenMay recommendation for his affiliated property manager, Kansas City Property Solutions, April Preston the principal.I have used, as out of state investor, for going on four years.

Hopefully that is not just another verse to the same song and dance.  

Sometimes a property won't work for both a rental and a retirement home unless you're willing to forgo on the numbers or the lifestyle.  

As for going up, it is not as easy as de-capping the roof and building up.

Any creative financing suggestions/tips for going in when you're up against brutally well-heeled competition and the seller doesn't have any incentive to be creative?

Nice investment, @Hui Song, congratulations!