Senior Living here is in short supply and high demand - good luck!  

Know the demand and supply in the area. 

If you buy a regular deal with a regular down payment in a regular neighborhood, you'll probably lose money in the short term and be cash flow negative. 

Short term, assuming the real estate lobby doesn't sue this to keep delaying/appealing, once it goes into effect there will be no more broker fees paid by tenant *unless they hire the broker*Some long term effects I can predict already: - Landlords now having to absorb broker fees will bake this into the rent (e.g. how "no fee" units typically are priced a little higher than other units) - Real estate board will require another document (or checkbox) for tenants to sign stating that they're hiring the listing broker and responsible for compensating them for their fee *if* they apply and are approved- Regular New Yorkers will have an even harder time to find an apartment because you cannot legislate/regulate away a housing crises... 

Is there any particular maintenance that is required in a regular basis?

This allows flippers, live-in flippers and regular joes to have another route for their financial or home owner goals.

I would regularly update your photos to reflect seasonal changes or recent upgrades, ensuring they are high-quality and well-lit.

And tons of people are getting into this business and drive the price down (simple supply vs demand curve).

This covers the vacancy time and work supplied to find a new tenant.

If existing houses are cheap relative to land and constructions costs, and supply is high, it may not be worth developing even if the agency says "do whatever you want".