This is the fundamentals.

This is akin to stating the obvious, as DSCR assessments are fundamental in determining the viability of such loans, similar to DTI (Debt-to-Income) ratios for residential mortgages.Your emphasis on the operational efficiency of well-run assisted living facilities highlights that their financial performance typically isn't constrained by DSCR limitations.

That's not a slight, I know you said you've done some research, this is to put things into perspective for you because some of what you have said here has clearly defined to me that your lacking some very key very fundamental information. 

So with population growth of 50,000/yr forecast to come in for the next 5 yrs, and only 70,000 new units being delivered, we are buying for a long-term hold based on the future fundamentals of the market.  

If they are a good coach, they will have you drilling fundamentals every day, watching everything you eat, studying the rules and strategies, lifting weights, and more.

For me, personally, it's areas that are landlord basic to friendly, strong industry growth or potential growth, and personally I trade/buy/invest in houses that I see inventory pick up but the fundamentals stick meaning it's a great area.

@Jay HinrichsDo you see a fundamental difference with this strategy and paying FMV with 25% down?  

I have never done a cost seg for any properties up to this point and understand the fundamentals of the process.

If you are inexperienced, just manage the properties as is for a few years until you learn how to manage rentals, and more importantly understand the fundamentals of investing (leverage, tax implications, opportunity cost, opex vs capital trade-offs, etc).

Start with the fundamentals of financial management.