Funny how the askers of LLC or not don't say what they're buying... they also get the cart far before the horse . 

I used to get frustrated, but instead I just tell my kids how easy the race will be for them since so few are running it. 

I've owned car washes, laundry mats, restaurants, horse partnerships... you name it.

(H) For any person to do any of the following:(1) Refuse to sell, transfer, assign, rent, lease, sublease, or finance housing accommodations, refuse to negotiate for the sale or rental of housing accommodations, or otherwise deny or make unavailable housing accommodations because of race, color, religion, sex, military status, familial status, ancestry, disability, or national origin;"Also New York Executive Law prohibits housing discrimination based on military status.Again, occupation or military status may not be a Federally protected class, but that doesn't mean on the state level you won't run into problems.

And watching him get bigger and bigger and has made me wonder if my goal of exiting the rat race is a fools errand.  

IMHO the franchise model works better because it keeps everything local while still providing the needed online marketing in today's SEO race.

Now you have to ask yourself, your business ethics, horse trading, or Caveat emptor position.Sales Adjustments or write offs-  if you have receivables, clean them up the year before and don't clean them up during the year of your cap rate calc.Utilities- adjust them down if possible. 

I know someone that did do a conversion from a tack room (horse property) to a rental, I believe short term.

I have a friend who inherited a couple of properties in Lucerne Valley so I have this info from the horse's mouth. lol 

In addition to that, if you aren't even pre-approved yet it sounds like the cart is a little bit in front of the horse here.