Come even the slightest ripple (an increase in property insurance, an unexpected repair, etc.) and suddenly you're drowning in a sea of negative cash flow.Also, are you including both professional property management and vacancy in your operating expenses?

Besides certain reporting requirements being spelled out in the Operating Agreement, a lot will depend on the type of offering that was made when investors were given the opportunity to invest.  

Is this a Capital expenditure or an operating expense?

P.S I even considered seeing if a sober  living operator wanted to use the building. 

Alcove is another company that is similar to PadSplit but I'm not sure if they operate in your market.

But I also have one worth $375k that I operate as a STR. 

You can place the home into an LLC that is controlled by both of you after closing for most lenders and come up with terms and an operating agreement post closing. 

If you're interested there's a couple STR operators in NJ I could connect you with.

Check to see if any previous dry cleaners have operated there among many other things. 

(senior assisted living, special needs adults, or halfway house)To clarify, I want to be only a landlord and lease to an operator who runs ____ business.