Some comments in no particular order:- residential RE is not passive even with the use of a property manager.  

Not sure what state you're in but in CA I'd have to pay an extra $800 franchise tax for each LLC even if I set up the LLC in another state (I was going to do the LLC in Wyoming for anonymity using a registered agent). 

I’m not even sure where to start.

Money will be more expensive albeit resulting in an even lower return. 

Let me know if I can answer any questions or be of further assistance. 

Hey, good afternoon/evening everyone.

His break even number may not feasible to me.

How do I find an organization to turn my vacation rental into an assisted living facility or similar facility?  

Don't focus on how you'll behave during an after-game press conference as a WNBA star when you haven't even played your first pickup game.Buy a property, learn how to manage it well, and see if this is the right investment vehicle for you.

Something to keep in mind as well would be if there are any prepayment penalties on the existing loan that you've got as that would cut even further into the funds you'd be looking to take out.