Can you please share contacts who operate in Austin or San Antonio?

Costs will be far lower, but an owner/operator would still get the benefit of staffing and material efficiencies. - You could consider owning those as rentals and leasing out to the businesses. - You could sell the land to an owner/operator who wants to build assisted living. - You could own and operate those yourself and just hire great management or bring in a management company. 

A friend of mine, who's been investing in Austin for years, mentioned that this approach is opening up more opportunities for both developers and residents.In my own experience here in Phoenix, flexible zoning has been a game changer.

Understanding my customer, I bought similar properties to what they were currently renting.This strategy is similar to how national retail chains operate: identify your target customers and provide what they want.

Amassing a lot of debt and being only able to make lateral moves if I sell is certainly a huge concern of mine. 

Hell, my family came to town to visit and I bought furniture and they all stayed there before it was mine :-)

@Daisy RuizTo echo @Michael Baum, I have not seen or heard from many people operating STRs in Chicago.

The less conservative is: operate as a finder or co-GP but with very good, conservative counsel to keep everyone in the clear.I recommend you read up on "disgorgement penalties", and make sure the sponsors that are recruiting you have done the same, before jumping into this co-GP/Finder ship.

Strategic planning and phased upgrades are critical to balancing renovations with ongoing operations.

Strategic planning and phased upgrades are critical to balancing renovations with ongoing operations.