We have a 36 bed ALF - Lower income - we figured out how to make money serving a market others do not like to serve -It's been rewarding We have GREAT people/staff now --- People are one of the most important aspectsAs for #'s - it really is a depends question as labor rates vary, state regs are going to vary on how you need to staff etc.Here's the order of our expenses monthly:Wages  (About 40-50% of revenue when we have a good month - fluctuates and this includes my salary which really at any other location may be a management fee etc - but wise to build something in)Principal and interest paymentFood  (When I bought the business Food was higher than P&I but we got it lowered by tweaking some things - I'm sure we could tweak it a little more but I'm not the type that wants to wring every drop of blood out of a turnip - some waste, loss etc is going to happen - I have cooks that take good care of the residents and they are happy which is what I care about)ElectricityAnyways wages by far and away are the largest expense item.I went down this path so am a bit biased I guess - but find a struggling business or an existing one for sale and find a way to buy it and then improve the operations. 

The neighbors are also really happy because the home has been used by bum to cook and use drugs. 

@Brandon Cook, nothing convinces a spouse like an ever-fattening checkbook...Your over all plan looks like a good one.

Our only hope may be to target the right audience (for long and short term rentals), "Pot Smokers Welcome Here"!! 

I don't normally do that unless I am cooking something.Almost everywhere has 'good and bad'.  

Originally posted by @Kyler Cook:@Eric AllgeierPart of rock bottom is the consequences you experience for years of action/inaction.

Thought it is important to let people know that Bill and Kim Cook are in San Clemente California this Saturday teaching about how to structure real estate deals.They are really good at this and certainly worth going to see and learn.They have a couple others scheduled around the country, but this Saturday they are in San Clemente.

My tenants just want 5 things: a place to drink beer after a work, a place to cook dinner, a place to do laundry, place to shower, place to sleep. 

.- Basic pots & pans for cooking- Coffee maker and filters- Salt & Pepper- Utensils, plates, bowls, cups and glasses, coffee mugs (pyrex is inexpensive and durable)- Cooking utensils like large spoons, spatula and basic cooking knives.- Paper products such as toilet paper, a bag of paper napkins, 1 paper towel roll to start them off.

Originally posted by @Kyler Cook:@Keith A.Wow, and those situations aren’t actually very hard at all.