Someone could literally hire a full time nurse to live in for cheaper with much better care on a day to day basis.

You can also increase monthly income by doing medium term rentals for travelling nurses as an example.

In Washington (Tacoma)  a neighbor rented out a house to a nurse.

I want to be able to enjoy their retirement with them instead of waiting another 30 years and visiting them in a nursing home.   

Apparently, the owner, an elderly man, then 93 years old was in a nursing home.

Forget about renting to just travel nurses. 

(If not, maybe medium term rent to traveling nurse as a major hospital is right down the road.)

For Kokomo, Indiana, I see posts where hospitals there are looking for travel nurses. 

My experience as a nurse practitioner tells me that this could be a very successful business.

After researching my area, the idea of utilizing the land as a retirement village or nursing home has appealed to me.The reasons I feel this way include:* The population in my area is aging* Area retirement villages are at full capacity* The piece of property is in a district that doesn't have the best school district, so a housing development doesn't seem practical nor desirable.* The property is unique in that it is secluded / wooded which might appeal as a 'retirement' center.Obviously it is a huge undertaking and something that I am only in the exploration-phase of research.