We are planning to purchase a home and convert it into a community living space for people in recovery. Has anyone here had experience with this type of project?
It was suggested that we create an operational company...

Readers should seek professional advice.

Readers should seek professional advice.

My understanding is that the ballpark standard of "unless it would be outrageously tough" (something along those lines) is what applies if you're doing a rehab, seeking new permits, doing structural changes anyways, and things of that nature.For existing pre-ADA structures, my understanding is that the standard is more along the lines of "if it can be easily/cheaply done, you have to do it."

But some believe condos are riskier due to potential mismanagement of the community by the HOA.As an out of state buyer seeking a low risk/maintenance LTR, are there any glaring downsides to buying and renting out a condo? 

We want to plan in the most tax vantaged ways (which includes keeping future AGI as low as possible) and open to new-age and creative concepts.Respectfully ask to keep discussion to topic vs. selling one's self or services seeking new business.

I'm actively seeking mentorship from someone with experience in similar markets who can shed more light on this process.

I assume that if the wholesale deal falls through the earnest money is lost and the "Gator" lender would have to seek the money from the wholesaler who did not have the funding to begin with.Am I misunderstanding? 

A prudent investor doesn't seek quick riches through shortcuts.

Readers should seek professional advice.