Hey Aishan, I personally own 12-doors in Detroit and I live in California.

One thing that DSCR is not really set up for is if the property is "Subject to" meaning not move in ready/live able.

Let people live.

You could start by reaching out to any local corporations that do assisted living in your area and see what they are looking for (location, space specs, etc). 

Hello - I'm new to Bigger Pockets, excited to get my real estate investment journey going.I own a Condo in Chicago with a friend of mine (split 50/50), which I've lived in for about 5 years.

That Profit number needs to be above our minimum threshold (which is large enough to handle any rehab oh $hits).I live in Phoenix but invest out of state.

Without know more specifics, I'd suggest selling what you have now and investing in properties closer to where you live (and pursue 1031 exchanges).

If you live paycheck to paycheck and do all this you are never going to become an investor because you aren't willing to change your lifestyle now for something you can have in a few years.  

Even if buying a property Subto in GA and you live in FL, you could miss something and the whole deal does a "crash and burn".

If you qualify for both (you've lived in the property long enough and it is used for investment when you sell it) then you get to take both.