My thinking is that by renting to a residential care facility I can effectively utilize all the space, earn above market rent, and help provide a needed service, while avoiding tenant parking jams. 

Should I make an offer with the qualification that all furnishings, dishes, pots, and pans stay, except for "personal" effects?

What financing strategy would be most effective?

The PMS around here are pretty terrible, I've worked with a lot of the larger ones in Cleveland and I think they just take on more properties than they can effectively handle and don't hire enough additional employees to make it work. 

@James Wise MICHIGAN UPDATE: new law went into effect January 2, that landlords can no longer discriminate on tenant income source.

If you pay cash, you don't have a payment, but effectively you are giving up an income stream if the cash had been in a bond or ETF and earning you either interest or appreciation. 

@Thomas Farrell The BRRRR strategy can be effective with $400K in capital, especially in a market like Augusta, GA, offering affordability and rental demand.

If I have to buy a last-minute ticket or spend $1,000 or so for notarized signatures at a consulate, then it has a significant effect on my choices.

These types of properties require experienced management to navigate the challenges effectively.

In effect, earnest money is just paying more of the down payment and closing costs upfront.”Keep in mind, this isn’t required, and it doesn’t guarantee your offer will be accepted.