We are open to it being rented out or bought for an assisted living space.

@Bob Mai wow, interesting how biased your post is.Their 4% is only if you PREPAY their fees for 12 months, otherwise 6% monthly.They have a minimum of $75/month, which means if your property rents for less than ($75/6%) $1250/month, you will pay more than 6%.They use Latchel for maintenance issues - Latchel is not cheap and there's a kickback in there somewhere.There's a list of extra fees for extra services and there's a lot they do not handle.You get what you pay for, so good luck.

Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc.

Pick a type of property you can afford and think about making money through rent, the property's value going up, or both.

Pro-rate the rent and save yourself a lot of grief from an issue you would surely lose.

Will it rent for enough to support the mortgage, taxes, insurance and maintenance until he passes the property off to his heirs???

We would likely look to rent out Long term or Mid term.

@Jon Delarosa Rental expense "taxes" category can include: Property taxesHotel and occupancy taxes County taxes and fees Local taxes It depends on the rental and location. ...

I have a a great project in a prime location, but finding the right investor has been pretty difficult. 

They’re trying to scare you so they can stay rent free.