BP and Rich Dad podcasts have been vocal about this niche. If you found the ideal property for this type of niche, what would be your first step in seeking out a business operator who would rent the property from you ...

Yes, management is more intensive, and 50 units is nearing the size of facility that having a small on-site manager could be a benefit for oversight, management and leasing.

@Brian J Cook, I have difficulty with your "at the same time" comment.

If by Adult Family Home you mean a non-medical "assisted living facility" (ALF), these can be quite profitable. 

They built a few more in the Silicon forest.. but from my talks with the long range planner they dont want anymore of them.. they want facilities that will employee more folks.

I intend to open and operate my residential assisted living facility in MI.

Have you looked into assited living facility as they are far more profitable?

It’s just another appraisal to make sure you aren’t “cooking the books”. 

Cook County Property Tax Incentives: Cook County has a tax incentive program that allows projects to receive a special property classification for a 12 year period that lowers annual property taxes by as much as 50% through the term of the incentive program.

I want to open a restaurant in the next ten years because I thoroughly enjoy cooking for others and creating amazing dishes.