I have found it to be a much better arrangement. 

Which insurance providers or claims adjusters typically handle displacement housing arrangements?

Your lease purchase arrangement would be good as long as the senior or their family have enough money for assisted living care until you execute the purchase. 

if they'd be a living arrangement you don't want, good, as Jocko Willink says - rule it out and move on. 

.⚠️ Beware of these red flags:🚨 Bad partners who don’t communicate or operate ethically🚨 Financial arrangements that don’t make sense🚨 Risk levels that are too high for the returnIf ANY of these ingredients are bad, walk away—even if the deal looks profitable on paper.🚀 Lesson: Part of a good deal is better than 100% of no deal, but 0% of a bad deal is better than any piece of a bad deal.Final ThoughtsToo many investors make the mistake of wanting 100% ownership and control—but they forget that it’s better to own part of a great deal than to own nothing at all.🏡 Real estate is a team sport—and the investors who understand this scale faster, learn more, and build more wealth.Discussion Questions for You:1️⃣ Have you ever walked away from a deal because you wanted 100% ownership?

It's why I empower the HomeRoom team to offer a cash-for-keys program (at no cost to owners) that helps roommates who are not fit for roommate living to transition to an alternative living arrangement that's better for them.

In this arrangement, the buyer signs a contract where one of the clauses specifically says that he assumes responsibility for the loan which remains under the seller's name.

all units LTR, or some units other arrangements (STR, MTR, rent by room)? 

I found some articles and old forum posts on BP last night that discussed problems with financing and insurance for this arrangement. 

At this point I'd be more likely to hire someone as a consultant, if that sort of arrangement is a thing.