It's a bit of an art to pick out all of the items that are applicable and to make sure that you both get them all and also don't include something you aren't supposed to.For example, a monthly HOA fee would not be included in basis, but a paperwork transfer fee from the HOA would.You can also include title insurance, but not the liability insurance.  

He’s built and rebuilt the homes I grew up in, he installed doors and windows for Lowe’s for years, and he even wins first place ribbons at art festivals for his furniture builds.

@Ben Toth, It all depends on the niche you are choosing to pursue.For wholesaling: Big Buks for Junk Houses by Randy Phillips & If you cant wholesale after this I have nothing for you by Todd FlemingLease Options: Turn Key Investing with lease options by Matthew ChanOwner Financing: My Life & 1,000 Houses: The Art of Owner Financing by Mitch StephensGeneral: The Millionaire Real Estate Investor By Gary KellerThese books along with several others give you an idea of what is possible.

(Martial arts, fitness, certain types of medical, etc.)I would appreciate any input from anyone who has done this and how it worked out.

You could also focus on the great financial advantages of renting/down-sizing (travel more, no more yard to care for/repairs, buy an RV, visit family more)Host a senior-focused event at your facility (maybe show an uncut version of Woodstock haha) or live music, a Social Security expert speaker or Doctor to address health issues, a fund-raiser, art show, etc. and hand out flyers with a special "one month free" coupon attached Have exercise classes for seniorsWeekly bingo nightsPromote your events for free on community calendars, newspapers, seniors sections of papersPrint door hangers and get some kids to hang the door hangers at trailer parks, older communitiesEncourage your current tenants to invite friendsRent a 15-passenger bus ($50) and offer free transportation to key eventsSponsor events at senior centers in the areaCo-Sponsor service club (Rotary, Kiwanis, etc who have many senior members) eventsPut up banners and balloons when you have eventsI hope at least a few of those ideas might spark some interest.

The other thing to consider is make sure you are being very conservative on the rental income and very liberal on the vacancy and expenses.

@Ken Nguyen Even with perfect data, there's art and science to it and you seldom know if you got it right anyways on a per-property basis.  

Agreed that california may not be the best place for this kind of business with stringent laws and all, but what's the guarantee that similar stringent laws may not come up in future in currently liberal places?

Outside of work, I’m an avid traveler that has visited 54 countries (and love hearing travel tips), a martial arts fan with black belts in two martial arts, and I read a book every week (and always love good reading suggestions).How did I get involved with real estate?

I live in center city Philadelphia in the Fairmount/Art Museum area and I have a huge grass backyard that I am trying to figure out how to rent.