@Brian M Sweeney the 1031 exchange to avoid taxes was a nice touch. goes to show that there is value in being patient. the decision to sell if the property is worth ~10x cashflow is definitely a good exit strategy.

If they're being ultra conservative, they're not bad but also not fantastic.You can easily find deals with 7-8% pref and 15%+ IRR projections if you're patient.

Anyways - my .02   Also dont go cheap on the bathroom doors - I'd put 36" or the next size up for bathroom and room entry doors -- this could be mandated by code as every state is different as we've all talked but the larger the doors the less issue you'll have and larger doors and larger bathrooms can also give more leeway in taking care of heavier care patients which is more revenue for the facility.

Be patient and don't buy the first deal that comes along .   

He was patient while I handled the emergency.

If you are patient and only want to take on a couple projects a year, you could easily do it with the money you have- you'd need to borrow from a bank or a PML and work the terms of the loans in to your budget. 

In columbus, it's still possible to beat the market by 5-10% or even more if you are patient and work with someone who is knowledgeable.

Win-win. 5) Stay patient.

I'm patiently identifying properties and hoping to land a property a year for the next 5 years.  

You will need to be patient and stay focused to find a good one.Regards.