For this situation you would have handled differently your option but the reality is you can be held accountable as a guest even if you are ignorant, nothing to do with law.  

On the front end of investing I strongly recommend having a separate bank account and not comingling rental funds/expenses and personal funds/transactions.

I would recommend you get a strong team around you, a good realtor (mine helps me with things sometimes regarding property I currently own), a good attorney, an accountant, a bookkeeper, and a property manager.

You would be way better off banking the warranty money in a "repairs" account.

A senior care facility would likely involve more rules, regulations, and red tape.

Talk with your tax accountant.  

I feel I do need a mentor and or an accountability coach to help me through the beginning stages of my real estate journey.

Hey @John Ba, Best way to handle this going forward is hold the property in an American LLC with its own bank account, so you can clearly delineate the expenses and income as well as get some asset protection.

It's calculated by dividing the NOI by the property value.While cap rates provide a quick valuation metric, they don't account for future income streams.

I did not personally value the deal all that well because this was before I got seriously involved in researching real estate.What was the outcome?