We are trying to figure out how to price this and how to vet the operators - specifically for sober home and similar facilities (we already do DSP and understand that well). 

Then keep doing this every year or two and you will build a solid portfolio.

Acquisitions team, renovation crews (fully licensed and insured), Property Management, and a Real Estate Investment Brokerage in case you ever decide to sell.By teaming up with a solid firm you can mitigate your risk and have some "boots on the ground" that have your best interest in mind.  

A good realtor should be proactive, knowledgeable, and easy to communicate with.Do they have a deep understanding of the market?

It is a favorable equation b/c you get to include rent savings & loan paydown However, I do not understand how you can use loan paydown for the equation.

Understanding cash cycles from different marketing channels will give you a better understanding of which path will be best for you to pursue.Outbound channels are getting more and more regulated as days pass, so I recommend diversifying with different marketing channels so that when one gets shut down, your business doesn't suffer significantly.

But even if not, the real world application of understanding business may be of help in real estate style business albeit not required by any stretch.

When looking at this you should focus first on the ARV though you may not think on selling that will give you an understanding if you will have a return After the rehab.Then you look at the cap rate, this is important for the long time investing and It will depend on what you are looking for (Long Term return, cash flow).An last is cash on cash that will help you to get an idea on how your money is working.Dallas is a hot market for investors and these are the numbers that I am seeing:ARV: ~80% (Ideal this Number should be 70% to 75%)Cap Rate: ~5% to 6% (Ideal this Number should be over 7%)ConC: ~4% (Ideal this should be 6%)Trying to get the ideal number could take you a while.MF with 2 to 4 are completely different than 6, 8 and above.

HOA fees in many of the downtown buildings really limit the potential for a solid ROI.

U NEED your W 2 to qualify for loans full stop.. as your starting out. so just be realistic time freedom can come with a switch to full time RE agent you will get more free time but RE is very very tough.. and once you go self employeed you need two solid years of tax returns to qualify for funding..