What is the interest rate on borrowing compared to the rate you are earning, then take into consideration the tax consequences. 

I was out of college (just earned my degree in Culinary Arts) and was constantly running out of money.

Real estate is easy to get into, but hard to earn a living. 87% of all agents quit within two years because they don't make enough money.

For the first few years, I would focus more on the experience you gain than the money you earn.

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. 

But that doesn't mean you know the right ingredients or can assemble it without disaster.

The absolute best way to avoid taxes is not earn income.  

One more reason why people should stop looking for the easy path to building wealth.Increase earnings, reduce expenses, save, and invest.

In this case even if the project went south and you broke even or even lost money, the equity (debt) you used would still be covered by the income you are earning on the rental property. 

You will still earn on them.