@Nick Cooper you can buy with as little as 15% down on a single unit property with conventional financing.

If the former, note per Union City Rent Stabilization ordinance (https://ecode360.com/15397000 is a slightly outdated version), "the terms of this chapter apply to individual dwelling units within a building, including condominium or cooperative units in the process of being converted, or having been converted".

As Bill Thomas says, “the greatest amenity in a senior community is community”, so investing in things that will promote togetherness and cooperation are high priorities for the population that I am addressing.The funding model also relies upon bringing together different groups and structuring deals to meet their diverse objectives.

STR standard depreciation is 39 years @Andy Lanyi@Jonathan Cooper even if you take Bonus Depreciation as @Basit Siddiqi highlighted the remainder 40% will be prorated using the Half-year convention or Mid-quarter convention used in line with what you read in IRS Pub 946 

I do this to ensure they understand the cleanliness and cooperation is key to this model working for them and myself.

This process can take a couple of months if the tenants are cooperative, but will likely take 6+ months and possibly over a year.Do you know if the tenants for the subject property are cash tenants or program/voucher recipients?

Another investor told me about assignments, specifically cooperative assignments. 

-Business Type: Residential Rental-Ownership Type: Agricultural Cooperative Corporation

May consider selling in a few years once rates cooperate with higher purchase prices.

Overall it did take a bit more cash than we wanted, but we are very happy with the result and may consider selling in a few years once rates cooperate with higher purchase prices.