Thanks to private investors, this transaction required no upfront cash from us.

Don't sleep on the new changes to Fannie's requirement for downpayment on 2-4 unit multi either.

I can help guide you in the right direction based on your requirements.  

This is because at the current rates, a high LTV property (which is required to extract rehab costs) bleed cash. 

Some questions that I have include:What are the specific regulatory requirements for residential assisted living homes in New Jersey and New York, and how do they impact operations?

They don't get high appreciation, largely due to the fact that the loans for them have a high interest rate and require a larger down payment as well.  

I am happy to speak to what I have seen as the most common set up from a tax perspective to give you a starting point for a deeper discussion, but ultimately you will want to speak with your CPA in conjunction with an asset protection attorney because this requires a deep dive into your specific situation.  

The basement also houses all of the mechanicals usually, so you would be sleeping with the furnace and hot water heater.

It is required to be a street legal vehicle. 

The unfortunate truth about cheap properties is that a hot water heater and a roof still cost about the same as a proprety in a more expensive areas so your repairs/vacancy/capex is going to eat up a larger % of the gross rent than a more expensive property even though the $ might be similar.