I would everyone to give me there opinion on these question below.Legal wise what would be the best way to make sure everyone is help accountable for the investment properties? 

We have a 36 bed ALF - Lower income - we figured out how to make money serving a market others do not like to serve -It's been rewarding We have GREAT people/staff now --- People are one of the most important aspectsAs for #'s - it really is a depends question as labor rates vary, state regs are going to vary on how you need to staff etc.Here's the order of our expenses monthly:Wages  (About 40-50% of revenue when we have a good month - fluctuates and this includes my salary which really at any other location may be a management fee etc - but wise to build something in)Principal and interest paymentFood  (When I bought the business Food was higher than P&I but we got it lowered by tweaking some things - I'm sure we could tweak it a little more but I'm not the type that wants to wring every drop of blood out of a turnip - some waste, loss etc is going to happen - I have cooks that take good care of the residents and they are happy which is what I care about)ElectricityAnyways wages by far and away are the largest expense item.I went down this path so am a bit biased I guess - but find a struggling business or an existing one for sale and find a way to buy it and then improve the operations. 

There no way of knowing how the project will turn out (price wise) from just looking at the bids.

Without that, I can’t qualify income-wise for homes 700k and up, even with great credit and the down payment.  

Alternatively, is there an advantage (tax-wise) in holding on to it as a rental for any period of time? 

@Benny Morfas I would recommend @@Engelo Rumora & @James Wise as they work with properties in these kind of areas, yet they do A LOT of vetting beforehand and are boots on the ground from purchase tp sale to management.

That you want to be ahead of this federal and state crackdown on lead and get multiple quotes and make sure you hire WISE professionals,the FIRST time!!

For example, there are currently 374 homes at or below $400K in Plymouth County and 446 in Bristol County.For a more fair comparison, there are 200 in Middlesex County as a whole.Norfolk County might be a good compromise commute-wise. 

Never pay other than lunch other wise you will get freddy freeloaders that are all hat no cattle.

I will definitely use this advice wisely