The question is how do I structure the deal to make it work out for all parties?

The unfortunate part is that many of the legal issues that landlords face are completely on a state by state basis.

I guess the part i am struggling with is valuing the equipment.  

Also they tend to be quieter, not throw loud parties or have too many people over, or cause a lot of wear and tear on the house.You can't advertise specifically for "older couples only". 

Over the years, a casino has been built to generate revenue for the surrounding area and along with a new soccer stadium.

Hi Sam, there are a number of relevant comments here - in particular around laws and regulations of non-related parties.  

@Gabe GordonCongrats, this looks like a really good purchase on your part.  I

That part is as simple as writing a letter introducing yourself as the new owner, explaining that the existing property manager will stay in place so they should continue to work with her but if they ever needed to contact you directly to contact you at the address or phone number provided.

The rule is in place to protect the neighborhoods that had too many rental homes, with property owners who did not care to keep them up well, and where tenants would park in the yard, have late night parties, and do all the things students do in college.  

There can be no direct or indirect benefit between a plan and a disqualified party, and route one is just using the business partner to benefit yourself.