The area I would rate as being around a C+ area, but not to far down the road it gets worse, but going the other way it brings you right onto historic Federal Hill of Providence.  

You might be able to find someone to do this in return for a flat fee paid from the buyer's agent commission at closing, the remainder of the buyer's agent commission being paid to you or the end buyer in the form of a commission rebate.As for your original question, I've seen it done many ways, but the simplest and most popular way is to add "and / or assigns" after your or the buyer's name on the original contract with the seller.If there's an existing relationship with the seller, i.e. you're already in contact with them and / or they know your intent for the property (wholesaling) you're in a pretty strong position.

You will pay essentially zero percent on the gains for federal income tax purposes as long as that is your taxable income based upon your tax return.

Think about what regular testing and maintenance will look like as well.The challenge you'll face, is that assisted living facilities in some instances (depending on the jurisdiction) fall under medical facility coding and are required to have higher levels of protection to comply with state/federal programs.

Finance is not real estate, screwing up in finance carries fines up to $100,000 and/or up to 10 years in federal prison, so you can see, it gets serious.I agree with Albert that your best approach is as a money partner in an LLC which keeps you out of the lending arena, at least as a lender taking a security interest in real estate.

There are several state and federal laws specific to property management businesses you will need to follow, plus insurance, new tax laws, and trust accounting requirements.  

Your time here will be well spent.You didn't mention a niche of interest, so I added the most popular three below, for your review and selection of one or all.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

Luckily soon after uncovering my problem, I seemingly found my solution, 203K loans (thanks federal government!). 

These were really popular from 2003 to 2007 during the real estate run-up. 

@Diane PierceWelcome to BiggerPockets, a place to interact with a vibrant REI group, learn the real estate business and language.You didn't mention a niche, so, I added links to the most popular niches for your review and selection of one or all.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.Feast on the Podcasts, #askbp Podcasts, blogs and webinars REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?