@Richie Linnon if the unit needs renovation, which is likely with someone there that long, perhaps plan to give tenant 3-6 months’ notice as it will possibly be difficult and stressful for them to find something in their budget and they may need time to apply for and be accepted into assistance programs.

My partner and I are looking at a 10+ bed assisted living facility that was originally a 3-4 unit property.

Fannie Mae’s 5% MF loans seem perfect for this even though I’d have to prepare a higher down.NJ State down payment assistance and a NJHMFA mortgage loan.This is enticing due to the $15k down payment assistance and additional $7k first generation program.

Do NOT depend on an agent for this list and most of them are clueless or worse, they think you can just ask the seller for them - after the agent coincidently gets their commission check.DM us if you want extremely great assistance:)

Utilities: T12 +3%Mgmt Fee: 6-10% (depending on market and onsite payroll)Payroll: Maybe one free unit concession to an onsite who lives at building to assist with move ins etc (or not).

Mate James,I appreciate you taking time to reply in detail.It's always a pleasure reading and learning from your comments.What a bloody amazing country this is to live and do business in.It's full of top notch business folk like yourself willing to take time out of their day and reply/assist in much depth.I've travelled the world mate and lived all other, there is nothing else even close to the USA 🇺🇸Again, thanks for your detailed reply 🙏1) Agreed2) We are actually working on this to have a full blown proper standardized rehab/turn guide.

Get them to bug her to settle.Your listing agent needs to assist.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.What else can we assist you with?

Can do it but will need legal assistance due to the Alien Business Law that prevents foreigners from owning > 49% of the business or property.  

If it appears they have moved improperly, it might be a good idea to get the assistance of a lawyer.Unfortunately, you have learned the hard way the biggest weakness of condos and townhomes for investing: The HOA board can dismantle your investment returns with a simple vote.