Are there any guidelines or best practices (ie: rewiring such a property would be more valuable than updating insulation).Is it something you need to ask the insurance company about to get, or is all this determined in the initial interview with the potential insurer?

I admit having some trouble searching for team members in the forum so hopefully BP guidelines will allow user referrals or intros.

As long as no “healthcare” services are provided (like medication or personal care), it’s not regulated by the Department of Health.

When you posted your review, we assessed the unit to see if there was evidence of mold, urine or any other health hazard.

As they are in their mod to late 70's and in declining health. 

If so you need to fall into the guidelines (for the investor whos funding it) regarding non arms length transactions.The most common scenarios they typically prohibit are:- Gifts of Equity- Bailouts- Leaseback OptionsAt the end of the day it needs to be a legitimate transaction, with legitimate funds coming into close.

As long as there is no "healthcare" being provided (medicine, baths, etc) then it's not regulated by the department of health.

There are general guidelines but nothing formulaic. 

Health insurance payments, Health savings account lots of options. 

It's usually best to talk with your neighbors about your plans and get their support as one of the variance tests is that the requested relief does not cause a public health issue or alter the essential character of the neighborhood.Try googling "tests for a variance in [your state]" and talk with your local zoning department.