Hey Derek, not sure if I'm qualified enough to answer this, as it sounds like you are trying to commercially lease to a bigger box assisted living facility/company, but you could consider:- Leaving the residential as residential, subdividing, and building to suit residential assisted living homes.

Or I do like the suggestion above of a co-work meeting space, assuming it is a bigger urban area that would be a solid potential income stream. 

- How much loss to lease is there?

Quote from @Jamie O'Connell: I know that most people preach about cash for keys, I have had two tenants I have tried it on and it has always lead to an even bigger headache and elongated the stress. 

Welcome to Bigger Pockets Jenny!

Insurance protects both you and the lender from potential losses due to damage or liability issues.

I am local to Gainesville, there is a monthly bigger pockets meet up with some awesome individuals that lead it.

Real estate activities are typically considered passive activities, and the IRS restricts passive losses to offsetting only passive income.

Your losses in this one situation would pay the cost of Property Management for many years. 

Hi @Jahid M.Welcome to the bigger pockets family.