This would be a hospice home designed to provide more comfortable living in last few days/weeks of life. 

I can definitely say that while the bigger fire we had was a pain... it actually worked out really well... in the end we had a much improved property, and we stepped in and did as much of the work we could do ourselves that the insurance company was compensating us at  'retail' rates for... like painting, and replacing cabinets, and other simple tasks.  

Do I need home owners or land lord insurance?

Also, define how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.

All standard commercial mortgages include DSCR, calling an assisted living facility mortgage a "DSCR loan" is like calling a home loan a "DTI mortgage," or calling a cup of coffee a "caffeine coffee," or calling a gun a "bullet gun." 

In my mind, pretty much anyone who buys a duplex or any multi-family home is either a RE investor or an aspiring RE investor and brand new duplexes, what I would consider not typically the best/smartest deals, are still being purchased left and right. 

If you or someone you know might be interested in purchasing the home for $685k I'd love to have a conversation.

If you're that concerned, request to tour their current home and see how they keep it.

I inherited my stepdad home unfortunately because of his passing...I have always wanted to do the Airbnb venture and thus unfortunately gave me the opportunity.

If the home was a single family their interest would still be protected values in the areas are up.