Your advice about understanding the underlying accounting and how the numbers are generated is an excellent point—I can see how that would help me identify any gaps or inaccuracies in the financials.I also really appreciate the insight on how T-12s differ based on the number of units.

The seller is not very tech savvy and is going through some life issues so he isn't being very helpful in this.

@Shayan Sameer Yes in case the projects do not work as expected you will have an issue with paying off the HELOC  on  your properties unless you do a cash out refinance and then the risk is not so much as there is no second lien(HELOC)

I’ve worked for some group home providers where they employ a maintenance worker who handles some of these issues (usually if the have multiple homes in a specific geographic location) and I’ve worked for homes where the handiest employee fixes things and that option doesn’t always have the best outcomes.

CA has it's upsides and both states have insurance issues.

(Due to some financial issues with him in the past, I'm not willing to cosign for him)  Would a rental agreement with the roommates suffice? 

@Na Connolly, talk to an eldercare lawyer there are likely multiple issues to consider here.

there are several posts on here about capital calls. without more information it is tough to respond but typically a capital call is because the offering is having issues with cash flow - whether it is because a loan is becoming due or some other reason - that is the primary reason - needing an influx of cash. can you provide more details?

Additionally, we addressed plumbing and electrical issues to make the property fully rental-compliant.

Identify good brokerages and licensed R.E. professionals, and those who you send your marketing to.