It is currently rented out to standard tenants but I am interested in potentially converting to a care home model.

My first thought is check with the city zoning laws and permitting to make sure this is possible.

Checking into city/ county websites.

yes @Cody Rigby make sure you check out the licensing requirements for short-term rentals in the city of Portland.

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Where I worked (in California) it was a $30k fine to do it yourself....Make sure you guys check with your local regulations.

For example, I'm assuming that I don't need to notify the tenant before we come in to the common areas for maintenance.2) As far as I can see, the previous landlord was not paying the tenants simple interest on their security deposit when they checked out.

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I opened up a business checking account for the LLC. 

Feel free to DM me the # or address and I'll check it out.These things can also be out of date or inaccurate, however, so as a disclaimer I suggest you call the county and city both to ask them upfront and candidly about what is required and what they expect of you.