That makes sense.

But my challenge is,  from my research so far I am not seeing any properties that make sense or are close to hospitals, or are very expensive if there are any.

Thanks for all these replies; makes sense.

Highly recommend the 203k if the numbers make sense.

That makes sense, thank you!

It doesn't make sense to me. 

And we'll still do a 50/50 split on the work we put in.Given all this, how do you think we should handle the loans, profit distribution %, and our partnership structure (tenancy in common or joint tenancy or LLC)?

Its the asset, and if the numbers make sense right? 

@Todd Dexheimer This makes sense but do you find that the numbers are comparable?

I was initially thinking to purchase it and use it as co-living space for workers at a nearby auto-manufacturing plant, but am considering what other uses would make sense.