If rates did drop, that 3 year fixed period means their rate would automatically drop with it, so they wouldn't have to refinance if they didn't want to, but if they did want to (cash out refi made possible by a recession forcing more elderly people into assisted living facilities, thus driving up rents, and the value of assisted living facilities? 

Needed some guidance on the fees for this kind of real estate and whether the offered pref and LP/GP split actually makes sense or is it too high/low?

what would make more sense in the current market right now ? 

Tenant: "That don't make sense."

That makes sense @Brendan Ferguson...having someone on the other side of the transaction like a friend from the fire house will make HUGE DEAL!  

Go to local real estate meetups and meet other investors in the area, see what you can learn and who you can meet.If you are a college student, emerging markets don't make sense.

Many people rent theres out by the room to get the most rent out of their property instead of renting to family because theres only so much you can get on rents when a family lives there.

I just know that most federally subsidized loan programs lend to people (humans), not partnerships, LLCs, or corporations. 

Pick fixes that give back a lot, think about loan types like FHA, plan your money well, and keep up good ties with people living there.

I have a feeling, and I could be wrong, that Loan Originators have a good sense of whether you'll be approved for a mortgage loan or refinance.