@Mark Allen  I think your credit facility is a testament to your Credit standing your experience and your liquidity.. there are very few of us that can get credit facilities from banks at those rates.And for sure you MUST be local or usually..

A couple of the developers have been Assisted Living Facilities.He is wanting to see if there is some way to lease his parents land to one of these developers, so his parents can either retire to one of the Facilities, or provide them with a monthly income so they can live in another one.  

This is an $850k equine facility, the owner and I agree that offering terms will open it up to a lot of people getting started in the business- just want to have some idea of what he can/should offer, and things to watch out for!

I've bought 3 houses in the past 20 months and have an offer in on a 37 unit self storage facility.

But I bet your market is different, and you may have other events, businesses, facilities, or institutions which you can use for long-term rentals.

Sasan, I have a client in Lawrenceville, GA that developed and owns/operates a very successful assisted living/memory care facility.

NOLA's main industry was tourism and the hospitality industry that created. 

If I can not get access to the property, I will assume anything built before 1982 will contain asbestos/lead in common materials (based on my experience there's a 90% chance this is the case).I believe Texas requires any "contractor" performing ASB abatement to have a license, which means Texas has some regulations established regarding removal & disposal.In California, if you are the property owner you can perform the removal/abatement yourself (assuming SFR), the only requirement is that the asbestos waste be bagged up & taken to a designated facility (in my case in Santa Barbara there is a facility at UCSB where homeowners can take the waste at no/minimal charge). 

If there is not a shared laundry facility that is easy for the tenants to access, then I would suggest adding them to the unit. 

BP - My reasons behind writing this post are to track my own progress, get other peoples best practices, and give updates along the way so we can all learn.I am doing my first direct mail campaign focused on self storage facilities in Minnesota.